XRP has established a firm position above the $0.50 price territory, aiming to conquer $0.55.
XRP traders are raking in profits from their investments amid a highly-anticipated uptrend that has seen the asset surge by over 44% in the past 8 days. Notably, the XRP network is witnessing the highest trader profit-taking ratio since August 2021.
According to data from market intelligence resource Santiment, XRP investors engage in profit-taking transactions twice as much as loss-incurring transactions. As a result, the “Ratio of Daily On-chain Transaction Volume in Profit to Loss” has increased to a value of 1.104. The last time the indicator saw this high level was 19 months ago.
? #XRPNetwork continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we're seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug, 2021. https://t.co/VvtLpszql2 pic.twitter.com/OpY3U9K1I4
— Santiment (@santimentfeed) March 28, 2023
The ratio of daily on-chain transaction volume in profit and loss is an indicator that compares the value of transactions resulting in a profit to the value of transactions resulting in a loss within a single day. A high ratio indicates that market participants are making more profits than losses.
XRP Targets $0.55
This bullish turn of events comes on the back of XRP’s massive uptrend at a time when most assets, including Bitcoin, are facing exhaustion in their rallies. XRP’s bullish run started on March 21 amid circulating speculations of an imminent judgment in Ripple’s favor in the ongoing SEC litigation. The asset saw a massive whale-induced accumulation campaign.
Since kicking off the rally eight days ago, XRP has gained by 44.8%, rising from a low of $0.374 on March 21 to its current value of $0.5416 as of press time. The last time XRP saw this price was in May 2022. The asset has established a firm position above the much-coveted $0.50 price level and seeks to conquer $0.55.
Moreover, XRP’s social dominance has recently shot up, soaring to its highest level in almost a year, as social engagements see an uptick. According to Santiment, this rapid increase in social activity is likely to trigger demand and mainstream interest, which will result in more volatility.
? #XRPNetwork's social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https://t.co/bMT66JTwmT pic.twitter.com/pUIWe9vGKu
— Santiment (@santimentfeed) March 27, 2023
With a 16.92% gain in the past week, XRP is the highest-gaining asset among the top 80 cryptocurrencies. The asset’s short-term goal is to tower above the last significant resistance before $0.55. This resistance point sits at $0.5450. Once captured, XRP’s next major resistance level rests on the $0.5761 point.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
