XRP, Polygon See Month-High Volumes As Investors Show FOMO
06 October 2023 - 3:00AM
NEWSBTC
On-chain data shows the trading volumes of XRP and Polygon have hit
monthly highs as investors are displaying FOMO towards the assets.
XRP, Polygon See Volume Spike Similar To Bitcoin’s Surge A Few Days
Back According to data from the on-chain analytics firm Santiment,
XRP & MATIC have seen high volumes recently. The “trading
volume” here refers to the total amount of any cryptocurrency
that’s being transacted on the different exchanges in the sector
every day. When the value of this metric is high, it means that the
asset in question is being moved around a lot on the exchanges.
Such a trend implies that traders are actively participating in the
market right now. On the other hand, low values suggest the
interest in the cryptocurrency may be low at the moment as not much
trading activity related to it is happening on the platforms.
Related Reading: Here’s The Level Bitcoin Must Conquer If Rally Has
To Return Now, here is a chart that shows the trend in this
indicator for XRP, Polygon, and Bitcoin over the past month or so:
Looks like the value of the metric has been quite high in recent
days | Source: Santiment on X As displayed in the above graph, the
Bitcoin trading volume had become pretty high a few days back when
the asset’s price had surged toward the $28,500 mark. This spike in
the volume had come with a delay, however, as its peak had occurred
after the cryptocurrency had already started on its pullback. This
could be a sign that once investors saw the rally, they felt like
they had to FOMO in, so they quickly made some trades, but many of
these investors had arrived late to the scene, hence why the spike
had come later. The volume would have also been fueled by the panic
sellers who bought at the top but sold as soon as they saw that the
rally was already starting to cool down. During the past couple of
days, XRP and Polygon have also seen some recovery surges (although
the rises haven’t been anything too impressive) and the trading
volume has also shown similar spikes for these cryptocurrencies as
well. At the peak of this latest surge, the volume of these
cryptocurrencies had managed to hit its highest level in about a
month. “FOMO is high right now,” notes Santiment. Related Reading:
These Are The Altcoins To Keep An Eye On: Santiment It would appear
that just like with BTC, investors had started jumping on these
cryptocurrencies once they saw the rally. Those falling for FOMO,
however, would have once again faced disappointment, as both XRP
and MATIC have already retraced their latest recovery attempts. If
the trading volume continues to stay high even after the pullback,
though, then it would be a positive sign for the prices of these
altcoins, as it would mean that there is still significant demand
for them at these lower price levels. XRP Price In its latest
recovery rally, XRP had managed to rise near the $0.55 mark, but
with the pullback since then, the cryptocurrency has dropped toward
the $0.52 level. XRP has declined since its rise two days ago |
Source: XRPUSD on TradingView Featured image from Kanchanara on
Unsplash.com, charts from TradingView.com, Santiment.net
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