Santiment, a crypto analytics firm, has identified XRP and ADA as cryptocurrencies that have a strong possibility of rebounding in the near future.
According to Santiment’s data, several cryptocurrencies are currently witnessing sell-offs resulting in losses, following a recent surge in profit-taking within the market. Both XRP and ADA are among the cryptocurrencies affected by this trend.
The increased selling pressure and lower prices observed for XRP and ADA in comparison to other assets are contributing to a higher likelihood of rebound for these two cryptocurrencies.
XRP’s On-Chain Activity Remains Positive Amid Price Changes:
XRP, the cryptocurrency of Ripple, has experienced significant price fluctuations recently. However, according to Santiment’s research, XRP is showing positive on-chain activity. There has been a notable increase in the number of unique addresses and daily active addresses associated with XRP.
In comparison to ADA, XRP has faced a more pronounced decline. Following a brief 4.72% increase on Sunday, July 2, XRP has seen consecutive drops, resulting in a total decrease of 5.49% since then. Currently, XRP is trading at $0.4667 on Binance. These trends suggest growing interest and engagement from investors.
ADA’s Potential Rebound Supported by Strong Community Sentiment:
Cardano’s native token, ADA, has also experienced price volatility. However, Santiment’s analysis indicates that ADA’s social sentiment has remained positive, reflecting strong community support and optimism for the project.
ADA’s market performance has seen fluctuations in recent days, with a noticeable 6.83% decline on the hourly chart last Friday. Despite a modest recovery, ADA has continued to decline by 3.27% since June 5, resulting in an overall price decrease of 4.43%. Currently, ADA is trading at $0.285 on Binance.
Santiment attributes the potential rebound of XRP and ADA prices to several factors. Firstly, there is an overall improvement in market sentiment towards cryptocurrencies, with growing interest from institutional investors and a positive outlook for the industry. Additionally, the development progress and upcoming upgrades on both the Ripple and Cardano platforms contribute to the positive sentiment surrounding XRP and ADA.
Positive Indicators Offer Hope for XRP and ADA in Volatile Crypto Market:
Although the crypto market is known for its volatility, Santiment’s positive indicators have given XRP and ADA holders a reason to be hopeful. The next few weeks and months will determine if these cryptocurrencies can take advantage of the favorable conditions and start to recover.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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