XRP Sees 5% Dip, 80% of Supply Still Profitable Despite Weak Trend

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XRP Price Drop: A Sign of a Trend Reversal?

The cryptocurrency XRP has been showing a negative price trend for some time. Despite the price drop, the proportion of supply that is profitable remains over 80%. But what does this mean for XRP holders?

On January 12, an examination of XRP’s daily timeframe showed a decline of over 5%, from about $0.6 to about $0.5. After this drop, the price has had difficulty reaching the price level of $0.6 again, showing only marginal gains and losses. The chart showed a slight negative trend over the last three days. At the time of publication, the XRP price was around $0.57, which corresponds to a decrease of 0.8%.

Relative Strength Index (RSI) and Moving Averages

The Relative Strength Index (RSI) shows that XRP has only experienced a bullish trend twice this year. Currently, the RSI is below 50 and near 40. In addition, the chart shows that it is below both the short-term and long-term moving averages (yellow and blue lines). This suggests a weak price trend, which aligns with the observations from the RSI.

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XRP Holders Suffer 4% Loss

An examination of the seven-day Market Value to Realized Value (MVRV) ratio for XRP shows that the asset is struggling to remain profitable. The chart shows previous instances where Ripple (XRP) was above zero, but the recent price movement has driven it further below zero on its MVRV. At the time of this analysis, the MVRV was over -4.6, which represents a significant loss for current holders. This current MVRV value suggests that holders have suffered a loss of more than 4% on the value of their XRP assets.

Supply in Profit Remains Above 80% for Now

At the start of the year, the Santiment chart showed that the total supply of XRP in profit was over 88 billion. However, a clear decline can be seen, especially in connection with the falling price. At the time of publication, the supply in profit was about 81.6 billion, which represents about 81% of the total supply. It is worth noting that despite the decline, this is not the lowest point that the supply in profit has reached. The lowest value was recorded around October, when the supply in profit fell to about 71 billion, which represents 71% of the total supply.

Conclusion

The current trends suggest continued weakness in the XRP price. Nevertheless, a large part of the supply remains profitable. Whether this is a sign of an impending trend reversal remains to be seen.
Sources: Trading View, Santiment.

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