In a recent tweet, crypto analytics company Santiment identified XRP and ADA as cryptocurrencies with a high probability of recovery in the near future. Despite continued market volatility, Santiment’s data-driven approach suggests favorable conditions for these digital assets.
According to data from Santiment, numerous cryptocurrencies are currently experiencing sell-offs at a loss due to the recent surge in profit-taking in the market. XRP and ADA are among the cryptocurrencies affected.
Due to the higher selling pressure and lower prices observed for XRP and ADA compared to other assets, the chances of these two cryptocurrencies rebounding are steadily increasing.
XRP shows positive on-chain activity amid price swings
XRP, the native cryptocurrency of the Ripple network, has seen significant price swings in recent months. However, Santiment’s research shows that XRP is currently showing 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% surge on Sunday, July 2, XRP faced with a series of consecutive declines, a total decline of 5.49% since July 2. At the moment, XRP is trading at $0.4667 on Binance. This indicates a growing interest and involvement among investors.
Sentiment identifies potential uptick 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.
Experienced the market performance of ADA fluctuations over the past few days, with a notable drop of 6.83% last Friday on the hourly chart. Despite a modest recovery, ADA has continued to fall 3.27% since June 5, resulting in an overall price decline of 4.43%. Currently, Cardano’s native coin is trading at $0.285 on the Binance exchange.
Santiment attributes the potential recovery in XRP and ADA prices to several factors. First, broader market sentiment towards cryptocurrencies is showing signs of improvement, with growing interest from institutional investors and an overall positive outlook for the sector. In addition, the development progress and upcoming upgrades of both Ripple and Cardano platforms add to the positive sentiment surrounding XRP and ADA.
While the crypto market remains highly volatile, the positive indicators put forward by Santiment have provided a glimmer of hope for XRP and ADA holders. The coming weeks and months will show whether these cryptocurrencies can take advantage of the favorable conditions and initiate an upturn.
