Ripple [XRP]: Before becoming a part of the exit liquidity, read this

According to data revealed by the popular blockchain analytics platform SentimentOctober 8, Ripple [XRP] achieved the highest daily number of new addresses created on the network since the last high in July.

According to Santiment, new addresses created on the XRP network on October 6th totaled 2,773, the highest the network has seen since the 2,866 new addresses created on July 2nd.

This surge in new addresses on the network pushed the price of the crypto asset to rise above the $0.52 level. Thus beginning a “mild decoupling” from the rest of the crypto market which mostly registered losses on the same day.

📈 #XRPNetwork has bounced back above $0.52 on a mild decoupling from the rest of the #crypto back today. Yesterday’s network growth was the highest in three months, with over 2,773 $XRP new addresses created. 👍 pic.twitter.com/7hX88k6XJI

— Santiment (@santimentfeed) 7 October 2022

Per data from CoinMarketCap, XRP was trading above the $0.52 price region at the time of writing. The price, at press time, was $0.525, with a growth of 7% in the last 24 hours. Trading volume for the asset also rose by 60% in the same period.

What have XRP hodlers been up to?

The sixth largest cryptocurrency was spotted making significant progress on the daily chart. XRP’s price has been on a steady rise since October 3rd.

The price decline between September 23 and 30 saw key indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), abandon their markers in the overbought region to chase new lows.

However, the recent uptick in buying pressure has once again forced these indicators to embark on an uptrend.

An increase in investor liquidity in the XRP market in recent weeks led to the RSI being positioned in an uptrend at 67.49 at press time.

Similarly, MFI stood at 61.55 at press time. Still, above the middle zero line, the dynamic line (green) of XRP’s Chaikin Money Flow (CMF) rested at 0.11. This indicated that buyers were in control of the market at press time.

Furthermore, the exponential moving average (EMA) confirmed the position that buyers were in control of the XRP market. At the time of writing, the 50 EMA (blue) was below the 20 EMA (red) line, indicating massive bull action.

Source: TradingView

Look before you get ripped off

So far in October, XRP managed to log an 8% increase in price. This further led to an increase in the ratio of XRP holders who have seen gains on their investment to those who have recorded losses.

According to data from Santiment, XRP’s market value to realized value (MVRV) at press time was 32.67%.

Source: Sentiment

But while the XRP price may have seen some success in recent days, investors increasingly have a negative bias towards the token. At press time, the weighted sentiment was positioned in a downtrend of -0.072. This was down from a high of 2.63 on 3 October.