XRP presented an encouraging signal to swing traders but long-term investors continued to face a barrage of criticism regarding the network.
failed to hold on to the short-term support zone at $0.5 over the past two days. The frenzied selling activity behindCriticism that the Ripple network has little utility and merited classification as a “zombie token” was a hard pill to swallow for long-term investors. On the other hand, swing traders could profit from the recent turn of events.The percent of total supply in profit fell from 92% on 12th of March to 72.6% at press time. This was understandable given the 32.
This was a welcome sight. It indicated accumulation was underway once more. Additionally, the MVRV ratio showed that XRP was deeply undervalued. Holders did so through a sizeable loss. In August and September 2023, the MVRV ratio was below -10% but the MDIA was slowly trending higher. During this period, XRP prices consolidated at the $0.48 support zone before rallying.
The price, MDIA and MVRV ratio were repeating what they did in September 2023. If the MDIA can continue to move higher, it could give bulls a good reason to bid for the token.The social volume saw a slight drop in April compared to the levels it sustained in March. The social dominance was also lower, and only saw a brief spike early in April. Together they showed that social media engagement behind XRP has weakened.
Conversely, the 3-day weighted sentiment was positive. However, the sentiment was positive in early April too, when prices bounced from $0.56 to $0.63.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. A graduate in Chemical Engineering, he is an expert in technical analysis.
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