XRP network sees address activity spike, token rallies
The XRP Network has experienced two significant spikes in address activity, marking the second and third-largest surges of all time, according to data from Santiment, a leading cryptocurrency market analytics platform.
The current rise in price is reminiscent of a similar event on March 18, ultimately leading to a more substantial decoupling of XRP from other altcoins. Should history repeat itself, this recent activity spike may signify a more significant price divergence for XRP in the near future, according to Santiment analysis.
These developments have sparked intrigue within the cryptocurrency community. XRP shows signs of a mild decoupling from the broader altcoin market, with a modest 7% price increase to reach $0.514 as of press time, according to data provided by CoinMarketCap.
With a market cap of $26,079,571,885, ripple’s volatility levels could see a spike as the Bollinger bands, used in estimating volatility levels, diverge.
However, despite the volatility expectations, XRP’s relative strength indicator is moving high above its average line, signaling a bullish trend on XRP as bulls push for the overbought region. The MACD indicator also moves above its average line, indicating a bullish trend on Ripple.
Deaton says XRP FOMO to kick in at $2
Ripple’s price movement comes in the wake of a recent comment by Deaton. On May 29, pro-Ripple lawyer John Deaton went to Twitter to express his amazement at the current market state.
He claimed that it is incomprehensible for many investors to pass up the chance to purchase XRP while its price stays at $0.48. The price movement of Ripple comes in the wake of this statement.
In the wake of the legal instability surrounding Ripple, Deaton’s findings shed light on the chances for speculation that lurk inside the price environment of XRP. Noting that the fear of missing out (FOMO) impact may not take hold until XRP reaches or exceeds the $2 threshold.