Ripple

On-Chain Data Reveals XRP Attracts Investors With Most Positive Sentiment

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Aug 26, 2022

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As of Thursday morning, Ethereum (ETH), the second-most valuable cryptocurrency after Bitcoin (BTC), is rapidly moving closer to the $1,700 level. On the other hand, Bitcoin was able to record a minor increase and is currently holding steady around the $21,000 mark. Numerous other well-known cryptocurrencies, such as Litecoin, Dogecoin, Solana, and XRP all had slight increases.

XRP is presently one of the cryptocurrencies with the greatest positive sentiment on its account, according to the crypto market information portal Santiment. XRP maintains companies with assets like BNB, CAKE, and THETA in this metric, and the study was carried out during the last week.

On-Chain Analysis

The cryptocurrency market saw a big decline during this time that didn’t affect any of the assets. If the market’s entire spectrum experienced a drop under roughly equivalent conditions, then each of the provided instruments would have to decide for itself how to continue to accumulate and grow.

Thus, every coin in the Santiment research experienced gains of at least 10% over the following few days, whereas XRP only recovered 4% of the loss. However, XRP has a 98% investor satisfaction rate, which is two to three times lower than that of other tokens with comparable features.

XRP Price Analysis

Following the general trend of the cryptocurrency market, XRP fell to an early low of $0.3390 before turning around. XRP reached a day high of $0.3525 while staying clear of the First Major Support Level at $0.3373.

A run at the First Major Resistance Level at $0.3524 and the Wednesday high of $0.3525 would be supported by avoiding the $0.3457 pivot. For XRP to rebound to $0.35, the market must support it more broadly. In the event of a protracted cryptocurrency rise, XRP would probably test resistance at $0.36 and the Second Major Resistance Level (R2) around $0.3592.

If the pivot were to drop, the First Major Support Level at $0.3389 would come into play. If not for a widespread crypto sell-off, XRP should stay above $0.3300. The downside should be contained by the Second Major Support Level at around $0.3322.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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