Ripple Sentiment Outlook: Potential indicators showing XRP/USD can enter a bull rally
- XRP/USD has been trading sideways for the past six days.
- Bulls are keeping XRP above the daily 12-EMA.
- The trading volume on all exchanges is declining significantly.
Most technical indicators are neutral as XRP continues trading sideways without seeing a lot of action. Yesterday, on June 7, XRP had a significant drop to $0.1983 but managed to recover quickly and it’s trading above $0.20 again at the time of writing.
Tremendous social volume spike for XRP
According to data by Santiment, there has been a significant increase in XRP’s social volume.
$XRP has entered the top spot on @santimentfeed's Emerging Trends, and has seen massive social volume spikes. These are potential indicators of an upcoming decoupling from $BTC, so keep an eye on #Ripple's upside since these spikes aren't pump-related yet. https://t.co/bOsEdsGXz4 pic.twitter.com/HbTxWegRVv
— Santiment (@santimentfeed) June 4, 2020
Social volume is an important metric but it doesn’t seem to be affecting XRP’s performance for now. Another notable metric is the supply of XRP outside exchanges. The number of XRP coins being deposited to exchanges in February 2020 was close to 58 billion but has dropped to 56.9 now which indicates more people are willing to hold XRP or at least not sell it.
While these fundamental metrics aren’t powerful enough to push XRP in the short-term, they constitute a notable long-term indicator.
XRP technical values
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
