Will Ethereum and XRP continue to rise? See Santiment's reviews

Charlie Taylor

Cryptocurrency analytics firm Santiment is investigating whether Ethereum (ETH) and XRP are prepared to continue climbing after considerable gains. a rise of $ 2,544 this week, setting a historic record. Santiment released its latest ETH price analysis on Thursday (15), weighing the chances that the second largest asset in market value will rise to $ 3,000 in an extended bullish move. The company says ETH is sending some technical bullish signals, noting that the address activity of the Ethereum network is following a constant upward trend. "Address activity has shown a clear and beautiful increase in the past year."

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Graph of Ethereum daily active addresses. Source: Santiment. The analysis also added that Ethereum receives new capital. "The average age of the dollars invested in Ethereum clearly indicates that new money has entered and inactive investments are moving."The average age of dollars invested in ETH. Source: Santiment. However, turnover is not particularly high, reports Santiment, nor is development activity on the network sufficient to draw attention. “Development activity rates, likewise, are not really showing signs overwhelming growth rates. However, Github sign-ups are still significantly higher than Ethereum's debut in 2015 ”.Development activity at Ethereum. Source: Santiment. The analytics company also notes that ETH is issuing some bearish signals, noting that the average trader's returns over the past thirty days are quite high, which could be a sign that the asset is reaching the top in In addition, the company warns that skyrocketing gas rates on Ethereum may discourage traders from continuing to use the platform. Average gas rates on the smart contract platform rose from less than US $ 2 (approximately R $ 11) at the beginning of the year to their current value of around US $ 7.40 (approximately R $ 41).

Is Ripple XRP overvalued?

As for XRP, it may be time for Ripple's native token to cool down after reaching 240% earnings in just thirty days, reports Santiment. The company warns traders that while the XRP chart against the dollar looks relatively optimistic and is printing higher tops and bottoms, you will probably need to pause before continuing your upward trajectory. “The XRP MVRV 30D (a metric that shows the average profit or average loss of those who have XRP tokens that have moved in the last 30 days, based on price when each token was last moved) reached a historical record in the last year. This signals that XRP is currently in an overvalued zone and there is a high incentive for people to make profits. Whoever buys here is just asking to be destroyed. ”Santiment's analysis illustrates an overvaluation zone considering the MVRV metric. At the last highest peak, the price of XRP plummeted. The company adds that when Ripple is officially free in relation to its lawsuit with the United States Securities and Exchange Commission (SEC), which claims that XRP has been traded as a security unregistered, is when the asset can continue its rise. “Once they are able to remove all uncertainties surrounding the XRP, this will provide the market with another green light to continue moving upwards. Until then, it's time to relax. ”See also: Bitcoin price forms “dangerous pattern”, indicates analysis by Bo Williams

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