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Saturday, October 23, 2021

Is XRP Price on the Path of Recovery? or Will It Leave the List of Top 10 Altcoins?

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Memecoins aren’t the only altcoins catching attention and making a comeback from the price drop that accompanied the 2017 bull run in the ongoing altcoin rally. With increased supremacy and hyped-based rallies, XRP and DOGE, along with BNB, have emerged as the top two altcoins.

The market rally, which was fueled by social volume, pushed the price higher, causing bullish sentiment to emerge. The top ten Google trends show a surge in interest in XRP, DOGE, and ETH. In the last two months, there has been a steady rise in interest.

The findings of Google Trends corroborate the social feeling. XRP is currently trading at $1.42, and the price has fallen by over 10% in the last 24 hours. In the last 24 hours, trade volume has increased by nearly 50%. 

However, XRP has fallen to #8 in terms of market capitalization due to its current circulating supply of 35 billion XRP and current price level. XRP price has also corrected several times since reaching its all-time high of $3.84 three years ago, despite a sustained price rally with ROI of over 198 percent in 60 days and 184% in 90 days.

In the last 24 hours, over 1200 new accounts were established, and over 210000 transactions were completed. According to the price map, the price of XRP has been steadily increasing, as has the volatility. 

Since memecoins with unsustainable rallies drop out of the race to the top, there is space for XRP’s price to rally and the altcoin to stay in the top 10. Based on data from lunarcrush.com, memecoins’ rally may come to an end before an extended price rally due to increased selling pressure, lower volatility, and lower social volume.

This opens the door for a price rally for XRP, as well as a rebound in market capitalization. Following its drop from #2, XRP has steadily fallen below the top 5, leading to speculation that it will soon fall below the top 10. However, XRP is on the road to recovery in the short term, according to on-chain metrics and price map, and the altcoin is predicted to return to the top 5 within the next few weeks of May 2021.

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