Ripple (XRP), Cardano (ADA) & IOTA (MIOTA): Market wide pump driving up prices
Ripple (XRP) has made some major gains in the last few hours, pushing up by more than 20%. This is in line with the overall bullish momentum that has engulfed the crypto market in the last 48 hours. However, Ripple has also been pushed by news that Santander one pay FX will be using it for funds transfers. Investors seem to have taken this news positively, as seen in the current buying pressure. This rise is also an indication that the entire crypto market is on the rise after 3 months in the red. That’s because during the downtrend, Ripple made a series of announcements, yet the price didn’t respond well probably because the overall market momentum was bearish. Therefore, this current upward push after news release is an indication that the bear run might be coming to an end.
Looking at Ripple’s sentiment from online forums paints a similar picture. In the last 24 hours, Ripple has been mentioned some 80 times, and in all these mentions, 82% of them are positive. That’s an indication of a strong bullish momentum in Ripple (XRP). Investors have huge expectations that this crypto will continue to grow in the near future.
Therefore, we can deduce that Ripple (XRP) is in a bull run, and investor expectations are high at the moment.
Cardano (ADA) is up over 10% the last few hours. The trading volumes too are on the rise pushing up from around $220 million to the current volumes of over $308 million in under 24 hours. This is an indication that money is flowing into Cardano in large amounts. Cardano is not only being pushed by the current momentum in the crypto market, but also by the upcoming release of Shelley. The release of Shelley will mark the move by Cardano towards full decentralization, and it’s getting investors and crypto enthusiasts excited.
A look at what people are saying about Cardano online paints a picture of excitement. In the last 24 hours, Cardano has been mentioned some 35 times on different online platforms, and out of those, 62% of them are positive. That’s a strong indication that investors are bullish on Cardano.
Therefore, we can deduce that the sentiment in Cardano (ADA) at the moment is positive. If volumes continue in their current trajectory, Cardano will continue growing in value going into the foreseeable future.
IOTA like most cryptos in the market is on the move. It has already gained over 20% in the last few hours. Part of the reason is the increased money flow into crypto in the last 48 hours. The entire market has gained, with bitcoin crossing above the $8000 mark. Another factor that could be driving IOTA at the moment is the expectation that it will be supported by more wallets in the next few weeks, especially Ledger Nano.
A look at crypto enthusiasm on different platforms paints a similar picture, that of positive sentiment. In the last few hours, IOTA has been mentioned around 70 times and out of those, 78% of them are positive. That’s an indication of strong expectation in the near-term potential of this coin.
Overall, the sentiment around IOTA (MIOTA) is bullish.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.