XRP indicator hits 'new low' since 2020, is there cause for concern?
Recently, XRP’s market performance has attracted attention. Although its price has declined in the short term, falling by 5.35% from $0.6 to $0.568, some indicators suggest that the long-term outlook remains positive.
Key points:
Whale Activity: XRP whales (large holders) have recently added over 50 million tokens to their holdings, while whale traffic to exchanges has reached its lowest point since October 2020. Lows on this indicator usually signal a long-term bullish signal, as whales typically reduce the amount of tokens they transfer to exchanges as they prepare to hold for the long term.
Network Health: The XRP network’s daily active addresses and network growth remain stable. This indicates that the network is operating normally and is continuing to grow, but is not experiencing significant growth.
Market Sentiment: Although XRP’s price failed to break above the $0.6 resistance level in August and speculative market confidence waned, the MVRV ratio shows that XRP is currently undervalued. Market sentiment fluctuates in the short term, but the long-term bullish outlook remains.
In summary, while XRP price performance is weak in the short-term, whale activity and network health suggest that the long-term outlook remains positive. Investors need to remain patient and focus on long-term trends.
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