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The price of XRP — the fifth largest cryptocurrency by market capitalization — has printed a bullish “golden cross” pattern on its daily price chart, sparking a wave of social media buzz and optimism among crypto traders. XRP is currently trading at $0.6848 after seeing a 3.8% price decrease over the last 24 hours amid a broader market slump. However, the token is still up 14% over the last seven days. According to data from crypto analytics firm Santiment, XRP has topped the trending tokens chart with over 58% positive sentiment, 24% negative and the rest neutral. You might also like: Is Ripple’s XRP headed for a new peak? Current trends and predictions Golden cross pattern forms when a short-term moving average crosses above a longer-term moving average, signaling the potential for a sustained price uptrend. XRP’s 50-day moving average recently crossed above its 200-day moving average, marking a rare second golden cross this year after a similar pattern formed in...

Positive Ethereum and Arbitrum network developments and the eventual improvement in crypto investor sentiment could lend a boost to ARB price. While Arbitrum’s governance token ARB has been in a consistent downturn since the airdrop in late March, its ecosystem shows healthy growth.  A recent Nansen report shows that Arbitrum’s activity improved after the airdrop, stabilizing “at a level higher” than before the airdrop. The daily active users, gas fees and transaction count maintained consistent higher levels on the Ethereum rollup since April 2023. The gap between the number of active users on Arbitrum and Optimism widened after the Aribtrum airdrop, closing in on Ethereum. Daily Active Users of Arbitrum, Ethereum and Optimism (past 6 months). Source: Nansen The trading volume on Arbitrum-based decentralized exchanges paint a similar picture, showing an evident rise in volume after the airdrop. The trading volume of DEXes on Arbitrum. Source: DeFiLlama Moreover, Nansen’s report sh...

Bitcoin and most major altcoins are selling-off on rallies, proof that investor sentiment remains negative in the short-term. The United States stock markets are trying to recover on reports that the debt ceiling talks are showing promise and a debt default may be avoided. However, the same enthusiasm is not seen in the cryptocurrency markets. Bitcoin (BTC) has slipped back below the $27,000 support on May 17, indicating that buyers are struggling to sustain the relief rallies. Institutional investors seem to be booking profits due to the macro uncertainty. CoinShares’ Digital Asset Fund Flows Report shows a total outflow of $200 million from digital asset investment products in four consecutive weeks. Daily cryptocurrency market performance. Source: Coin360 While the short-term picture remains negative, the chart structure on Bitcoin has not been broken. Bitcoin has corrected about 15% from its local high of $31,000 made on April 14 but it remains above $25,000, indicating that the w...