XRP saw a decline in multiple metrics such as network growth, velocity, and MDIA in recent weeks. Hopes of a recovery appeared slim.
Yet, the price of the token continued to trend downward. Analysis showed that key on-chain metrics were in decline. Can the buyers hold off another wave of selling?The velocity of XRP has trended downward since mid-March. This metric measures the average number of times a single token has changed wallet each day. The higher the number, the more transactions the token was involved in within a set time frame.
Together they indicated that the demand for the token from new users has slowed, and transaction activity has also faltered alongside prices. The ratio of transaction volume in profit was also dropping after marking the local top at $0.57 on the 22nd of April.The 30-day MVRV ratio was negative in the past two weeks. It showed that the asset was deeply undervalued in the short-term. However, the mean dollar invested age has only begun to trend higher over the past ten days.
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