What to Know:
- XRP’s trading volume surged 71% to $7.4 billion amid a market sell-off, indicating potential buying opportunities.
- Dogecoin’s trading volume spiked over 43%, signaling a possible bullish rebound driven by heightened market interest.
- Shiba Inu faces mounting sell-side pressure as exchange inflows surge, suggesting potential market flooding.
XRP experienced a significant surge in trading volume, climbing 71% to $7.4 billion, even as its price dipped. This increase suggests traders are actively adjusting their positions, potentially viewing the dip as a strategic buying opportunity. On-chain data indicates that XRP may be entering a “good buy” zone, attracting investors despite the broader market volatility.
The MVRV indicator suggests that XRP wallets active in the past 30 days saw an average performance of -10.2%, positioning XRP in a “good buy” zone. A lower MVRV often correlates with a higher probability of a faster recovery, making XRP attractive to investors seeking potential gains. Market sentiment has also played a role, with volatility pushing sentiment to “extreme fear,” increasing the chances of a relief rally.
Dogecoin (DOGE) is showing signs of a potential bullish rebound, supported by a substantial surge in trading volume. Over the past 24 hours, DOGE’s trading volume spiked more than 43%, indicating heightened interest from both buyers and sellers. High trading volume often precedes sharp price movements, driven by retail hype, which could lead to a price rally for Dogecoin.
Conversely, Shiba Inu (SHIB) faces increasing sell-side pressure as exchange inflows surge. Data indicates that SHIB has seen enormous inflows back into centralized exchanges, suggesting holders are preparing to sell. This influx of tokens from wallets to exchanges, exceeding 120 billion SHIB over the past week, is a classic precursor to large sell-offs.
In conclusion, while XRP and Dogecoin show potential for positive price movement based on increased trading volume and market sentiment, Shiba Inu faces potential downward pressure due to significant exchange inflows. Investors should monitor these trends closely, considering market volatility and regulatory developments, to make informed decisions.
Source: Original article
