XRP Up 5%, On-Chain Data Shows Strong Bull-Case Scenario Ahead
Ripple’s native cryptocurrency XRP has shown a bit of price volatility recently and witnessed selling pressure. Post the collapse of the crypto exchange FTX, the altcoin has been struggling to surge past $0.40. Ripple’s native cryptocurrency has faced the brunt of the company’s ongoing battle with the SEC. Any possibility of settlement is not visible in the near term.
But XRP seems to be set for a price recovery. In the last 24 hours, Ripple’s native crypto has surged by 4.5% and is currently trading at $0.35. Currently, the XRP Network is showing major divergence pointing at a strong bull case scenario.
On the technical chart, the XRP price action is making a triangular formation and the price is at the bottom of the triangle. This could be a good opportunity for investors to accumulate at low risk and high reward.
XRP Whales Increase Holdings
On-chain data provider Santiment reported that XRP whales holding between 1 million and 10 million XRP have increased their holdings by 25% in the last six months. Together, they have accumulated a total of 4.09 billion XRP during this period.
However, the funding rate for XRP on Binance continues to remain bearish hinting at some bearish sentiment among traders. But Santiment explains that “it’s important to note that retail traders on Binance may not accurately predict the short-term price movements of an asset”.
On the other hand, the 30-day MVRV ratio for XRP shows that traders are currently experiencing average losses of -7%. This could mean that XRP traders are currently hesitant to sell their coins at a loss which could potentially lead to a price surge going ahead.
The MVRV long-short difference is trending upwards indicating that long-term holders are growing more confident and are increasing their positions. “This could potentially lead to an increase in price in the future, as long-term holders are often seen as more “stable” investors who are less likely to sell their positions based on short-term price fluctuations.,” reports Santiment.
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