XRP has been experiencing interesting price movements lately, with an unexpected surge in retail interest. Google Trends data shows an increase in mentions of XRP and this increase has led to a lot of retail hype.
According to Brian from Santimentit’s fascinating how a strong 30 day performance can create this kind of excitement. Even with a slight pullback, XRP is still up about 329% over the past month. Although the price of XRP is down about 11.5% from its recent peak about eight days ago, the price of
On the Thinking Crypto podcast, Brian said the price increase was accompanied by a spike in transaction volume and active addresses, indicating strong retail interest. However, it is important to know that XRP, like other altcoins, remains vulnerable to Bitcoin’s movements. Despite this, XRP’s utility has been a major driver of FOMO, with many traders jumping in based on price momentum rather than the coin’s fundamentals.
When will XRP and other altcoins rise again?
The altcoin market has seen some interesting moves lately. Over the past week, the total market capitalization of about 3,600 assets has fallen by about 1.5%, but trading volume has actually increased.
The analyst said sentiment is mixed at the moment, with neither the bulls nor bears clearly in control. This has caused some volatility, with panic sellers being met by buyers looking to take advantage of lower prices. The market is stuck without clear direction. Many are hoping for a rally heading into Christmas or the New Year, while others expect a dip followed by a possible recovery in January.
Historically, December has sometimes been a difficult month for the crypto markets, especially after a strong performance in November. 2017 and 2021 saw similar delays in December, and this year could follow a similar pattern. Tax season often leads to profit taking, which can further slow activity.
In the short term, it may be worth keeping an eye on how things develop. The coming weeks could be quieter as whales and big traders take a step back.
Credit : coinpedia.org
