Here’s likely an alert for entering XRP purchase order

Spread the love

 440 Interactions,  2 today

With recent developments in the Ripple-SEC lawsuit, investors are holding a close watch on the company’s native cryptocurrency, XRP. Ali Martinez, a technical and on-chain consultant, examined the XRP market and reported an intriguing discovery earlier today. XRP, he argues, could offer a “opportunity for investors to profit.”

Martinez used the Market Value to Realised Value (MVRV) 30D index to support his theory and said on Twitter that recently the index dropped to -0.91%. This suggested that “the downtrend is approaching exhaustion.” Over the past year, each time the “MVRV moved below 0%, it served as a buy signal for XRP.”

Furthermore, XRP whales “appear to be returning to accumulation mode.” According to Santiment info, the number of wallet addresses carrying “more than 10 million XRP tokens” has risen by around 4.90 percent in the last week. In addition to the rise in whale profiles, almost 15 new whales have “joined the network” in the last seven days.

RECOMMENDED READ:  Diem Association, which is funded by Facebook, is currently planning to begin a stablecoin pilot programme in 2021.

Previously, Santiment discovered that since the SEC declared its charges against Ripple, XRP whales have shrunk. Specifically, wallets holding 10 million XRP or more were dwindling, with whale addresses down by 18, shortly after the SEC sued Ripple owners.

Source: Santiment/ Twitter
However, Ripple’s native cryptocurrency is now a “consistent presence” on Santiment’s “emerging trends” list. Interestingly, the “rise in discussion” may have coincided with people’s hopes of a “settlement” in the Ripple-SEC situation. Furthermore, Santiment said that the ‘buy the dip’ pattern has been increasing for other cryptocurrencies such as BTC.

Perhaps hopeful buyers are using the same logic to stockpile XRP in expectation of a price increase. Indeed, XRP’s social presence has been growing, with the ‘Relist’ XRP movement, which demands that crypto exchanges help XRP again, recently climbing Twitter trends. As one Twitter user put it:

Whether or not exchanges relist the cryptocurrency, it is fair to assume that XRP’s price has been almost retail-driven.

RECOMMENDED READ:  Why CNBC's ‘Mad Money' host, Jim Cramer says "The boom means Bitcoin" and you must be crazy not to have Bitcoin

It would be important to see how the extremely active XRP army will boost the price of XRP higher, perhaps even to the $1 mark. The Doge army has been causing a lot of price movement for the meme coin, similar to how the Doge army has been causing a lot of price movement for the meme coin. At press time, XRP was trading at 0.49, up 1.7 percent in the previous hour.

Leave a Reply

Contact Us