Analysis by Santiment Shows High Rebound Chances for XRP and ADA
According to on-chain data aggregator Santiment, XRP and ADA have a high likelihood of rebounding in the near future. This prediction comes in the wake of a recent sell-off that affected the entire cryptocurrency market. Santiment’s data provides insights into how cryptocurrencies are performing, shedding light on market trends and behaviors.
Overview of the Cryptocurrency Market Situation
Based on the data shared by Santiment, many cryptocurrencies are currently being sold at a loss. This situation has arisen due to profit maximization strategies that hit the market last week, triggering massive sell-offs. XRP and ADA, as top cryptocurrencies in this category, have experienced sell-offs at lower prices compared to others, making them more likely to rebound and offer profitable opportunities for investors.
📊 Top cap #crypto assets are being traded at a loss after the high profit taking last week, lending to the price drop we’ve seen. $XRP and $ADA are seeing a particularly high amount of sells at lower prices, making the chances of bounces increase.
https://t.co/Ntt3HoC52S pic.twitter.com/z5BatBNlKe
— Santiment (@santimentfeed) July 7, 2023
ADA’s Market Performance
A week ago, ADA experienced a significant market performance with a substantial drop of 6.83% as shown in the hourly chart. Although there was a slight rebound in the following days, ADA has recorded a 3.27% drop since June 5. In total, ADA’s price has fallen by 4.43% since last Friday.
ADA Currently Trading at $0.285 on the Binance Exchange
As of the time of this report, Cardano’s native coin, ADA, is being traded at $0.285 on the Binance exchange. Despite the market volatility, Cardano seems to be stabilizing its price, providing a glimmer of hope for investors.
XRP’s Price Decline
Compared to Cardano, XRP, which is affiliated with Ripple, has experienced a higher decline rate. After experiencing a rise of 4.72% on Sunday, July 2, XRP’s price began to fall. By Wednesday, XRP had lost 3.62% and continued to decline, losing nearly 2% by today. Overall, the total price decrease since July 2 is 5.49%. Currently, XRP is trading at a rate of $0.4667 on the Binance exchange.
Signs of Recovery for Both ADA and XRP
Both ADA and XRP are currently showing signs of recovery, indicating a potential rebound. These signs present a ray of hope for investors who have been contemplating the future movements of these cryptocurrencies. Despite the market fluctuations, ADA and XRP seem to have adapted to the volatility and are poised for a potential rebound. If this trend continues, both ADA and XRP may experience price bounce-backs, delivering profitable returns to investors.
