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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

This XRP Signal Consistently Foreshadows Price Jumps: Analytics Firm

Keshav Verma
Keshav Verma
1 month ago
2 mins read
XRP

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On-chain analytics firm Santiment has pointed out how utility spikes on the XRP network tend to precede bullish price action in the asset’s price.

XRP Network Activity Lit Up Before The Latest Price Surge

In a new post on X, Santiment has discussed about some network activity-related indicators for XRP. The metrics in question are the Transaction Volume and Circulation.

The first of these, the Transaction Volume, measures the total amount of the cryptocurrency that’s becoming involved in transfers on the blockchain every day. While this metric does provide a sense of overall activity occurring on the network, it may give a skewed picture of investor behavior.

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This is because of the fact that not all transfers being made on the chain represent true economic activity. Many of them involve the same part of the supply, constantly in motion due to repeat trades or internal shuffling.

The second indicator, the Circulation, helps filter for these moves like these. This metric keeps track of the daily unique number of tokens being shifted on the XRP network.

By ‘unique,’ what’s meant here is that no matter how many times a particular coin becomes involved in transfer activity on the blockchain, it still contributes just one unit toward the indicator’s value.

Now, here is the chart shared by Santiment that shows the trends in both of these XRP metrics over the last few months:

XRP Transaction Volume & Circulation
Both of the metrics saw large spikes at the start of the month | Source: Santiment on X

As displayed in the above graph, the XRP Transaction Volume saw a huge spike to $2.1 billion on August 1st. This 6-month high surge in the metric came as the asset’s price was going through a drawdown toward a low near $2.70.

Alongside the rise in volume, the Circulation also registered a spike to 1.12 billion tokens, indicating that the transfer activity occurring on the network was organic.

Since this burst of activity on the blockchain, the cryptocurrency has witnessed some recovery. From the chart, it’s visible that there have also been spikes in these indicators in the past that led into a price surge for the coin. “Utility spikes on the network consistently foreshadow price jumps,” notes the analytics firm.

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In some other news, XRP broke out of a triangular channel on Thursday, as analyst Ali Martinez explained in an X post.

XRP Triangle
The trend in the asset’s price as it stood yesterday | Source: @ali_charts on X

Generally, breakouts above a triangle’s upper level are considered to be bullish signals in technical analysis (TA). And indeed, as the pattern may have foreshadowed, the asset has ended up enjoying a surge since then.

XRP Breakout
The result of the triangle breakout | Source: @ali_charts on X

XRP Price

At the time of writing, XRP is floating around $3.29, up more than 7% over the last 24 hours.

XRP Price Chart
The trend in the price of the coin over the last five days | Source: XRPUSDT on TradingView
Featured image from Dall-E, Santiment.net, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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