Polygon (matic) 
XRP Price Surges 15% Amid Declining Bullish Sentiment
XRP’s price has surged over 15% in the last 24 hours, with its market capitalization reaching a record high of $155.69 billion. However, on-chain metrics reveal a gradual decline in bullish sentiment, which may limit the token’s rally.
Active Wallet Addresses and Trading Volume
According to data, Ripple’s active wallet addresses have increased by over 116,000, contributing to the token’s price rally. The trading volume of XRP has also increased by 93.29% in 24 hours, indicating higher investor momentum.
However, this momentum is primarily driven by retail investors, rather than whales. Whale activity has declined, with stablecoin holdings decreasing to 53.993% of the total supply. This cautious sentiment among large investors may limit the rally’s strength.
MACD Analysis and Profit-to-Loss Metric
The Moving Average Convergence Divergence (MACD) chart indicates a recent bearish crossover, signaling declining bullish momentum and potential short-term price correction. Additionally, the profit-to-loss metric reflects cautious investor sentiment, with a recent low of 0.374 indicating more investors are selling than buying the token.
This data suggests that traders are hesitant to take aggressive positions with the current market rally. The low profit-to-loss ratio, combined with the bearish MACD crossover, implies that further XRP price upticks may be difficult to achieve.
Challenges to Sustaining XRP’s Rally
The divide between retail-driven network growth and the cautious outlook observed by institutional investors is making it harder for XRP to continue its upward movement. However, if institutional buyers can expect a positive development for XRP from regulatory bodies, they may increase liquidity in the market, pushing XRP prices higher.
Tips for investors:
- Stay vigilant against scams, as the uptick in the crypto market can lead to an increase in fraudulent activities.
- Monitor on-chain metrics, such as whale activity and profit-to-loss ratios, to gauge market sentiment.
- Be cautious of bearish crossovers in technical analysis, as they can indicate potential price corrections.
Stay alert against scams and protect yourself by reporting suspicious activities.
For more news and updates on the crypto market, visit Global Crypto News. Stay informed about the latest developments and trends in the world of cryptocurrencies and investing.
