The post Ripple (XRP) and Cardano(ADA) Poised For Potential Rebound – Santiment Reports appeared first on Coinpedia Fintech News
In a recent tweet, crypto analytics firm Santiment identified XRP and ADA as cryptocurrencies with a high likelihood of rebounding in the near future. Despite the ongoing market volatility, Santiment’s data-driven approach suggests favorable conditions for these digital assets.
As per Santiment’s data, numerous cryptocurrencies are currently experiencing sell-offs at a loss following the recent profit-taking surge in the market. XRP and ADA are among the cryptocurrencies being impacted.
However, due to the higher selling pressure and lower prices observed for XRP and ADA compared to other assets, the likelihood of these two cryptocurrencies rebounding is steadily increasing.
XRP Shows Positive On-Chain Activity Amidst Price Fluctuations
XRP, the native cryptocurrency of the Ripple network, has faced significant price fluctuations in recent months. However, Santiment’s research indicates that XRP is currently displaying positive on-chain activity, with a notable increase in the number of unique addresses and daily active addresses.
Meanwhile, XRP, the digital asset associated with Ripple, has witnessed a more pronounced decline compared to ADA. After a brief 4.72% increase on Sunday, July 2, XRP faced a series of consecutive declines, totaling a 5.49% drop since July 2. At present, XRP is trading at $0.4667 on Binance. This suggests a growing interest and engagement among investors.
Sentiment Identifies Potential Rebound for ADA as Community Support Remains Strong
Similarly, ADA, the native token of the Cardano blockchain, has experienced its fair share of price volatility. However, Santiment’s analysis reveals that ADA’s social sentiment has remained relatively positive, indicating strong community support and optimism surrounding the project.
The market performance of ADA has experienced fluctuations in recent days, with a notable 6.83% decline observed on the hourly chart last Friday. Despite a modest recovery, ADA has continued to slide by 3.27% since June 5, resulting in an overall price decrease of 4.43%. Currently, the native coin of Cardano is trading at $0.285 on the Binance exchange.
Santiment attributes the potential rebound of XRP and ADA prices to several factors. Firstly, the broader market sentiment towards cryptocurrencies is showing signs of improvement, with a growing interest from institutional investors and an overall positive outlook for the industry. Additionally, the development progress and upcoming upgrades of both Ripple and Cardano platforms contribute to the positive sentiment surrounding XRP and ADA.
While the crypto market remains highly volatile, the positive indicators highlighted by Santiment have provided a glimmer of hope for XRP and ADA holders. The coming weeks and months will determine whether these cryptocurrencies can capitalize on the favorable conditions and initiate a rebound.