2024-04-21 05:05:07
- Low profitability may benefit the XRP price in the long term
- Increasing coin age might lead to a drop below $0.50 in the short term
EGRAG Crypto, a popular cryptoanalyst on X, thinks so XRP might repeat the price development of 2017 and 2021. According to the analyst, XRP dominance, as it is now, is retesting its historical support lines.
If it holds, the token’s price might be targeting pumps not seen in nearly three years. For EGRAG Crypto, if XRP registers a 17.39% increase in the short term, it will prediction might be validated.
In 2017, the seventh most valuable cryptocurrency rose from $0.18 and ended the year at around $1.12. In 2021, the price of XRP jumped from $0.26 to a whopping $1.59 within a few months.
However, the altcoin has not been able to replicate that kind of performance since then. In fact, this year the value of XRP has fallen by 17.18%. However, the last 24 hours have been different, with a price increase of 4.04%.
Loss creates something better
For XRP to potentially reach the start of the move towards its all-time high, its value must first reach $0.58. But at the same time, there is no guarantee that the token will have a fantastic output once more.
AMBCrypto analyzed the potential by looking at the offer with profit. It is no news that the project has one of the largest token supplies in the top 10.
But last time almost 100% of 99.99 billion Sentiment data.
Typically, a high level of the metric coincides with market highs. Therefore, the drop in the investor’s profitability is in line with one bullish
projection.
In addition, we examined the average coin age (MCA) of 90 days. MCA simply shows the movement of coins into or out of cold wallets.
A low coin age indicates the accumulation and withdrawal of tokens for self-storage. However, XRP’s MCA skyrocketed, indicating that some old tokens have been moved.
In most cases, this move suggests that holders are planning to sell. A further increase might drag the price down, while a fall in the coin’s era might set the stage for a parabolic move in the charts.
First up: XRP at $0.48
At the moment, XRP may not continue its rally as a drop to $0.48 might be next. Furthermore, have exchange flow agree with this possible reduction.
At press time, currency inflows, which indicate the movement of cryptocurrencies into exchanges, had a reading of 1.8 million. In turn, the exchange of exchange (tokens withdrawn from the exchanges) reached 701,000.
If outflows subsequently exceed inflows, XRP may continue to bounce. Regardless of cryptocurrency short-term career
There are more factors than those mentioned above that can push it higher.
Is your wallet green? Investigate XRP Profit Calculator
For example, tokens that perform well in this cycle seem to have specific narratives driving them. Unfortunately, XRP does not seem to fall into any of these categories. Although the value may increase, the potential to repeat the previous performances is still low.
This is an automatic translation of our English version.
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