XRP Finally Poised For Light at End Of Tunnel As On-Chain Activity Goes Through the Roof
Despite the bearish momentum being experienced in the crypto market, XRP has remained steadfast above the psychological price of $2, thanks to strong on-chain metrics.
As a result, there may be light at the end of XRPs tunnel as the fourth-largest cryptocurrency eyes a macro trend shift.
Renowned market analyst Ali Martinez pointed out, The XRP MVRV Ratio just dipped below its 200-day moving average. This crossover may be signaling a macro trend shift in price action.
Therefore, this macro trend shift means that XRPs long-term picture remains bullish.
These sentiments were recently echoed by Edo Farina, the founder of Alpha Lions Academy, who stated, Watching XRP at $2.11 feels like a walk in the park. I remember when dropping below $0.50 was considered a crash.
According to CoinGecko data, XRP continues to hover around the $2.05 zone.
Therefore, time will tell how XRP plays out in the short and long term, with a bright picture already surfacing.
XRPs Transfer Volume Goes Through the Roof
According to XRP Scan, the amount of XRP being transferred has skyrocketed after reaching levels not seen in a couple of weeks.
Notably, the number of daily XRP transfers recently hit a notable 647 million.
Therefore, this high activity in the XRP ecosystem could signal heightened speculation about a trend shift.
Meanwhile, Digital asset bull and social influencer John Squire recently pointed out that XRP had all it takes to trigger early retirements, thanks to the bullish outlook being portrayed.
With the odds of a spot XRP exchange-traded fund (ETF) approval jumping to 85%, this development could trigger increased institutional demand, which could be instrumental in triggering a new all-time high (ATH).
Text source: ZyCrypto
