- XRP’s market cap now over $33 billion
Since it did so, the crypto has continued to hold its price in the $0.6 zone
XRP has moved up in the market cap rankings lately, surpassing USDC and taking a higher position among the top ten cryptocurrencies. This shift occurred even as RIPple‘s price showed some improvement. Notably, around 20% of all existing XRP coins are currently being held at a loss.
XRP displaces USDC
On April 9, XRP finished the day with an increase in its value for trading. A look at its daily chart indicated a small rise of around 1%, pushing its price up to roughly $0.61. The previous trading session witnessed a more substantial gain of over 3%, placing it comfortably within the $0.6 price range.
This was the case at press time too, despite the altcoin depreciating by 1%.
The RSI of this asset on the graphs remained higher than the neutral threshold, indicating a modest uptrend, as supported by its MACD, which hovered slightly above the zero mark.
Due to XRP‘s impressive price performance, its position in the cryptocurrency market capitalization rankings shifted. Now, XRP has moved up to take the sixth spot, surpassing USDC.
A few negatives in sight
The MVRV ratio of XRP over the past month, which measures the difference between the cryptocurrency’s market value and realized value, showed that despite a recent price rise, investors have incurred losses. According to the chart, this downward trend began towards the end of March, with the current value hovering around a 7.4% deficit.
Holders who bought XRP during this timeframe are now underwater on their investments, as indicated by the negative percentage. Furthermore, the change in market capitalization hasn’t brought about positive results for traders holding XRP in these wallets.
Supply in profit continues its fall
A key indicator that hasn’t improved despite the recent price increase is the amount of XRP being made a profit on. As reported by AMBCrypto, there has been a continuous decrease in the XRP supply generating profits. Specifically, according to Santiment’s data, approximately 81.2% or roughly 81.2 billion XRP were currently profitable at the time of this writing.
The amount has significantly dropped compared to the over 87 billion XRP observed at the end of March.
Can XRP maintain this new market cap?
The difference in value between the seventh ranked cryptocurrencies, XRP and USDC, is currently around $1 billion. This signifies that if their prices were to decrease, their recent market capitalization growth could be rapidly diminished.
An in-depth look at its 30-day Market Value to Realized Value (MVRV) ratio uncovered a sign of an upcoming price increase. At present, this ratio is showing a downward trend below zero. However, if there’s a slight uptick in the MVRV, it could lead to a positive impact on market capitalization.
Read Ripple (XRP) Price Prediction 2024-25
In the long run, XRP may outperform USDC and maintain this advantage.
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2024-04-10 19:03