XRP hides more potential than you might think
In recent weeks, XRP enthusiasts and analysts have eagerly scoured data to predict the digital currency's next move. While XRP has been overshadowed by other assets, especially considering the SEC's dropping charges against its CEO, Brad Garlinghouse, there is reason for optimism. Three foundational metrics make the case for an impending XRP price surge.
Noteworthy real volume spike
The most glaring feature in the recent XRP metrics is a significant spike in its real volume. This spike reflects a sharp rise in trading activity on a specific date. Such surges usually suggest renewed interest, potentially driven by insider information, strategic partnerships or regulatory developments. When volume spikes are not accompanied by a drastic price change, it can hint at latent price movement waiting to manifest.
Source: TradingView
Circulating market cap's roller coaster
The circulating market cap of XRP underwent a sharp decline, moved into a consolidation phase and then witnessed a bullish uptrend. This journey can be indicative of a market correction in response to external factors or speculative activities. However, the subsequent stabilization suggests that the asset found its "true" value and was poised for an upswing. The rebound following the consolidation phase strengthens the narrative of brewing positive price action.
Daily chart price analysis
On examining the daily price chart for XRP, there is a visible pattern of resilience. The asset has displayed a series of higher lows, indicating a persistent bullish undertone despite market pressures. Furthermore, the subtle uptrend after a period of stability could be an early indicator of a stronger rally ahead.
Contrasting this with XRP's recent history, it becomes even more intriguing. XRP has been underperforming when juxtaposed against its peers, especially when you factor in the positive news around the SEC case. This lag might suggest that XRP's potential has not been fully realized or priced in by the market, offering a potential upside for discerning investors.