XRP speculators did not show bullish sentiment, but the whale and network activity metrics give long-term investors hope of a rally...
failed to overcome the mid-range resistance level at $0.585. In fact, XRP has fallen by 5.35% in the past three days alone from $0.6 to $0.568. However, on-chain metrics offered some hope to counter the bearish short-term price action and the year-long range-bound trading.to their holdings. AMBCrypto looked closer at other metrics to see if XRP investors have more good news elsewhere or not.The Whale to Exchange Flow metric measures the volume of tokens transferred from whales to exchanges.
A spike in this metric is generally seen alongside a sharp price move in either direction. With the values the lowest they have been in nearly four years, the long-term bullish case was buoyed.The daily active addresses metric has been stable over the past two months. On certain weekends, it jumped higher but this was not a sustained move higher. Similarly, the network growth has also been steady since mid-July.
Together, it indicated a healthy and growing network, but daily activity has not stepped up meaningfully. Also, the MVRV ratio showed that XRP was an undervalued asset as the 30-day holders were at a minor loss.Throughout August, XRP bulls have fought hard to push prices beyond the $0.6 resistance zone. Their efforts were in vain and the highest point they managed was $0.634. Over the past three weeks, the Open Interest has stayed between the $430 million-$490 million range.This meant that each breach of $0.
Overall, the short-term sentiment seemed to be wavering between bullish and bearish. The long-term outlook remains bullish though, as evidenced by whale activity and stable network activity metrics. However, investors would need to be very patient.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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