- XRP market capitalization now exceeds $33 billion
- Crypto has maintained its value in the $0.6 area since then
XRP Recent changes in the ranking of its market cap have seen it move up to number ten. In doing so, it overtook popular market stablecoin – USDC. Nearly 20% of altcoin supply is still unprofitable, even with its recent price increase.
XRP replaces USDC
XRP On 9 April, the trading session ended with a price move to the north. The chart of the daily timeframe revealed that its price had increased by less than 1%. This brought its current trading value to $0.61. The previous session also saw an increase of more than 3%. This puts it firmly within the range $0.6.
It was still the same at the time we went to press, even though the altcoins had declined by just 1%.
The Relative strength index (RSI), which is displayed on the chart, remained above the neutral line. This indicates a slight bullish trend. Moving Average Convergence divergence (MACD), which was slightly higher than zero, confirmed the trend.
A result of XRP’s success on the pricing front was a shift in its ranking for market capitalization. XRP is now the 6th largest cryptocurrency on the market, surpassing USDC.
A few negatives in sight
The Analysis of XRP’s The 30-day market value to realized value ratio (MVRV), revealed that holders still suffer losses despite recent increases in price. The MVRV graph shows a downward trend starting at the end of march, and the current value is around -7.4%.
This percentage indicates that XRP holders acquired during this period currently hold XRP at a negative value. Additionally, recent changes in the market capitalization have not led to favorable outcomes for investors who are part of this wallet group.
The supply in profits continues to decline
The supply of a product is another important metric which hasn’t positively reflected recent increases in prices. XRP In profit. AMBCrypto estimates that there’s been a steady decline in XRP in profit. As per Santiment at this time, around 81.2% or 81.2 Billion XRP of the total XRP supply were in profit.
This represents a notable decrease from the figure of >87 billion XRP seen towards the end of March.
Can XRP sustain this new market capitalization?
What is the difference between XRP USDC is now in the seventh place and has a market cap of approximately $1 billion. This means that the gains made in recent months could be quickly eroded by a decline in price.
But a more detailed analysis of the ratio between its Market Value and Realized Value (30-day MVRV) revealed a possible future price rise. MVRV was trending lower than zero when we went to press. However, even a small upward movement in MVRV could have positive effects on the market.
Click Here to Read Ripple (XRP) Price Prediction 2024-25
This means that XRP has a greater chance to surpass USDC in the future and maintain that trend.
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Source: ambcrypto.com