Global cryptocurrency market capitalization stands at $1.03 trillion, up 1.76% on the previous day as the top crypto assets traded. greenBitcoin (BTC), Ethereum (ETH) and XRP showed bullish and decent gains riding the price wave.
BTC, ETH, and XRP all showed gains on short-term charts, but on-chain data coin Give us an interesting look at their price action.
BTC Price: A Short-term Rise
The number of Bitcoin token transactions, or tokens transferred, suggests that BTC is in the process of changing owners. data From Crypto Quant.
Looking at the accumulation trend further suggested that there was a change from weak to strong hands as the long-term SOPR returned to low levels again.
In addition, the inflow of derivative CDDs also noted a surge in long positions to support short-term price gains.
BTC Price Strong at $20,300
Apparently, BTC’s short-term price action was supported by long position sentiment. In/Out of Money Around Price Indicator Suggests 1.79 Million Addresses Hold 1.13 Million Bitcoins He Marks $20,300, Strongly Supporting Bitcoin Price .
The $20,900 mark, with 627,000 addresses holding 265,000 BTC, could act as the next resistance to see price friction.
Slow ETH activity
Ethereum is trading at $1,572.50 at the time of writing, showing a 2.35% gain per day. ETH price has reversed the last three days of losses, pushing Ethereum back to his $1,525 level. However, the Ethereum bulls had to clear several barriers before the price recovered.
Glassnode data highlights that the number of ETH active addresses (7d MA) hit a four-month low of 27,908.
Nonetheless, some positive long-term prospects have come from ETH Whales. Early November data from Santiment announced that Ethereum’s top 10 non-exchange addresses are accumulating after the September merger. Whale addresses added 6.7% more ETH.
The supply of ETH held by top addresses has also maintained a healthy rise since mid-September. IntoTheBlock data highlights ETH’s significant resistance at the $1,596 mark with over 1.37 million addresses holding his 2.7 million ETH.
In case of a rally, the $1,547 mark provides strong support, with 1.54 million addresses holding 6.27 million ETH.
XRP Price Crashes, What Happens Next?
XRP price soars rise At the time of writing, it is up almost 8% from the previous day. The cryptocurrency ranked him sixth in terms of market capitalization, and daily trading volume he increased to $2.15 billion, an increase of more than 50%.
The recent rise in XRP price has reversed the coin’s October losses. There were 30,100 active addresses for XRP, but no significant spikes at the time of writing.
That said, on November 1st, XRP saw one of the most notable consumption age spikes with over 550 billion tokens moved. Her one reason behind the recent spike could be the token move.
A worrying trend for the XRP network has been the drop in transaction numbers to extremely low levels. This could mean that demand is declining even though prices are rising.
XRP price has been trending downwards for a long time due to ongoing regulation Fight, but recent gains have managed to reverse October losses. Whether these gains are sustainable remains to be seen.
The next major resistance for XRP price is $0.50, with the $0.44 mark still acting as strong support.
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