XRP Faces Selling Pressure as It Struggles to Break ATH Amid Overvaluation
$XRP has surged by 35% recently, reaching $3.10, close to its all-time high of $3.41. However, on-chain data reveals signs of overvaluation, with its market value to realized value (MVRV) ratio at 409.47%. This suggests XRP is trading well above its realized value, potentially triggering profit-taking among investors. As indicated by a negative Balance of Power (BoP) of -0.83, selling pressure is mounting. If this continues, XRP’s price could fall to support levels around $2.45. However, a shift toward accumulation could see XRP attempt to break its all-time high.
Material prepared by the exchange: coytx.com
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