It’s been revealed that Bitcoin and XRP are flashing bullish signals these days. Check out the latest reports below.
Bitcoin and XRP bullish signals
Crypto analytics firm Santiment says both Bitcoin (BTC) and XRP are flashing bullish signals amid the market downturn.
Starting with Bitcoin, Santiment stated the fact that the social dominance metric of the king coin has gone up.
Santiment said that the social dominance metric, which indicates the percentage of discussions on various platforms focused on one asset at any given time relative to other assets, has historically acted as a reliable signal for predicting the bottom.
“Bitcoin’s price has hit a three-month low. According to our sentiment data, negative comments surged to month highs. Shorting on exchanges has at least halted the bleeding. BTC social dominance has also spiked, which is historically a good bottom signal.”
A crypto analyst known for calling the Bitcoin (BTC) May 2021 collapse says BTC is still in the “buy zone” despite the sputtering market.
The pseudonymous trader known as Dave the Wave said that Bitcoin is in an extended sideways range within the buy zone.
“Extended sideward range forming within the buy zone. Would like to see held.”
The analyst also noted the fact that Bitcoin’s monthly moving average convergence divergence (MACD) looks bullish. Stay tuned for more news and make sure to check out the market.
XRP price analysis
Regarding XRP, Santiment says that optimism among traders that Ripple Labs and the U.S. Securities Exchange will reach a settlement in the ongoing lawsuit has contributed to a price bump for the sixth-largest crypto asset by market cap.
“XRP Network is +17% this past week, while Bitcoin (-5%), Ethereum (-16%), and most of crypto has declined. The ongoing battles between Ripple and the SEC regarding increased regulation has mainly led to increased trader optimism and high whale movement.”