Blockchain analytics firm Santiment is predicting that, based on two metrics, XRP Ledger’s native asset (XRP) could go up in price.
Santiment says on Twitter that an increase in the number of addresses on the XRP Network and a rise in social media mentions signals that XRP’s value could increase.
“XRP is getting increased social media attention, & our data objectively shows that there has been a significant rise in addresses interacting on the #XRPNetwork in the month of October.
Historically, these divergences inevitably lead to price upticks.”
XRP is trading at $1.01 at time of writing, a 10% drop over the last 24 hours, according to CoinGecko.
The blockchain analytics firm also says that Bitcoin’s (BTC) recent price rise to a new record high pushed address activity up.
“As address activity continues to visit above [one million] addresses at a fairly regular rate now, it’s a great indication that addresses are continuing to interact with the BTC network on an expectedly regular basis to justify prices.”
According to Santiment, Bitcoin’s mean dollar invested age fell in the wake of the flagship cryptocurrency rallying to an all-time high, indicating that markets “can and will be able to thrive.” The metric calculates the average age of all Bitcoins weighted by when they were bought.
“[Bitcoin’s] mean dollar invested age is seeing its most extended drop in age since March, with 3.3 days dropped in just the past week.
In most historic bull runs, an extended dip in mean dollar age is a primary indication that markets can and will be able to thrive due to previously inactive addresses finally beginning to circulate large amounts of tokens.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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