$XRP
🚨Analyst Spots Death Cross Despite 5% XRP Price Surge🚨
XRP might be gaining today because of soaring odds of September rate cuts, but headwinds remain. Analyst Ali Martinez notes that the Market Value to Realized Value (MVRV) has created a death cross. This signal can be seen with the move of the 50-day SMA below the 200-day SMA.
The MVRV shows whether holders are sitting on profits or losses. Right now, the crossover suggests that those who bought XRP in the last 50 days are seeing less gains than long-term holders. When short-term holders are in the red like this, there is a higher chance they might sell.
While Martinez did not mention it, this death cross has been the cause for the price to trade in the red. For example, when it happened in mid-May, the XRP price fell from $2.65 to $1.90, less than six weeks later.
This means that even with today’s gains, the Ripple price is not out of the woods yet. Besides, this death cross seems to have spooked some traders. They have been moving coins to exchanges for the last two consecutive days.
Data from Coinglass shows that for five days, coins have been flowing from exchanges. This changed on Sunday, when netflows became positive at $27 million. Today, the trend is still the same, considering the $15 million inflows at press time.
This means that in two days, there have been 44 million XRP going to exchanges. These coins were not in the picture even during last week’s dip. That means that the XRP price might continue to bleed.