Santiment, an on-chain market intelligence tool, has turned to Twitter to announce that the Ripple network has achieved a significant comeback this quarter. For the past two weeks, XRP has created and maintained positive momentum.
As a consequence, the altcoin’s price has increased by more than 44% in two weeks. According to Santiment’s statistics, the asset’s daily gains were up by more than 11% at the time of their analysis.
The bullish position of XRP has borne dividends for XRP traders. Data suggests that XRP traders are making a lot of money right now. Santiment would go on to say that current profit-taking levels are at an all-time high in comparison to losses. This is the first time that XRP profit levels have reached this level since August of 2021.
“XRPNetwork’s price has increased by 44% in the last two weeks and by another 1% today, continuing its impressive March recovery.” As a result, we’re witnessing a very high degree of trader profit taking, with the ratio of profit taking to loss taking at its highest since August 2021.” In a tweet, Santiment stated.
Data from CoinMarketCap reveal that XRP is now the biggest daily, weekly, and hourly gainer among the top ten most valuable assets by market cap at the time of writing. The altcoin, which is presently ranked sixth, has dethroned all of its competitors, including the apex cryptocurrency Bitcoin, to completely exit the red zone.
At the time of writing, XRP has gained 1.67% in the previous hour. In the previous 72 hours, the asset has increased by 12.76%. XRP is currently trading at $0.54 as of press time.
XRP and the Ripple community are now experiencing largely optimistic sentiment. According to a recent article, one of the market’s key individuals has issued an optimistic forecast for XRP. While the community awaits a court judgement in the ongoing Ripple versus SEC dispute, Attorney John Deaton claims that XRP offers the best risk/reward ratio.
As many other market participants have remarked, a Ripple victory might spark a much-needed XRP rise. Deaton agrees with these thoughts and expects that XRP will rise if it is not classified as a security.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.