As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market indicators and trends. However, the Mean Dollar Invested Age (MDIA) metric is one that has caught my attention, particularly in the context of the cryptocurrency market. This metric seems to be flashing a bullish signal for three major cryptocurrencies: Bitcoin, XRP, and Dogecoin, which could potentially lead to a significant price surge in the near future.
A little-watched indicator is flashing a bullish signal for two major cryptocurrencies, leading meme-inspired token Dogecoin (DOGE) and the native token of the XRP Ledger, suggesting they may be poised for a price surge in the near future.
The analytics company Santiment’s metric Mean Dollar Investment Age indicates the typical age of every dollar invested in a cryptocurrency. As per the firm’s recent post on the social media platform X (previously known as Twitter), this metric suggests that Bitcoin, XRP, and DOGE are experiencing a decrease in the average age of their investments.
A decrease in this metric signifies that coins held by long-term, inactive wallets (especially significant contributors) are being reactivated and used again, boosting network activity. This indicator relies on blockchain data to identify when a coin was last transferred on the network, and according to Santiment, it’s one of the crucial indicators that substantiate the idea that a bull market is ongoing and may persist.
In the 2017 and 2021 market rallies (bull markets), the indicator proved reliable, they said, also mentioning that these periods ended when the average age of the assets began increasing once more.
As an analyst, I’ve been closely monitoring the Mean Dollar Invested Age (MDIA) in the crypto market, and it’s interesting to note that this often-overlooked metric seems to be signaling a bullish trend amidst this week’s market-wide correction.
— Santiment (@santimentfeed) December 11, 2024
Over the past few weeks, I’ve noticed a significant trend in my crypto portfolio: whales on the XRP Ledger have been aggressively buying up XRP, the native cryptocurrency of this network. As the price of XRP tokens climbs higher, it seems that these large investors are increasing their holdings as well. It makes me wonder if this could be a sign of an upcoming bull run for XRP!
Based on analysis by Sentiment and noted by well-known crypto analyst Ali Martinez, it’s been observed that large XRP holders (owning between 1 million to 10 million tokens) have amassed over 100 million tokens, equivalent to approximately $240 million, when the token’s price briefly decreased.
It appears that our data indicates a significant accumulation of XRP by addresses within this group over the past few weeks. At present, they are estimated to hold between 4 and 79 billion XRP tokens. Notably, addresses holding between 10 million and 100 million XRP have consistently increased their holdings since the start of the year. Initially holding around 5.2 billion XRP, they now control approximately 6.91 billion tokens.
Santiment’s data indicates that during the surge in XRP’s price, addresses holding between 1 million and 10 million tokens appeared to be accumulating, while addresses with 100,000 to 1 million XRP seemed to be offloading. Approximately 200 million XRP were dumped by the holders of the larger cohort during this price increase.
In the past few months, the value of XRP has experienced a remarkable surge, increasing by over 290% during the last year. This means it’s gone from approximately $0.62 to its current price of around $2.4. Despite not reaching a new record high, this sudden climb caught many in the cryptocurrency world off guard. The rise occurs as numerous companies like WisdomTree prepare to list XRP-based exchange-traded funds (ETFs).
The digital currency experienced an increase in value not long ago due to Ripple receiving approval for its RLUSD stablecoin from the New York Department of Financial Services (NYDFS). The impressive growth of XRP can be attributed to several factors, one of which is the recent victory of Republican candidate Donald Trump in the 2024 U.S. presidential election, as this has raised hopes for a pro-cryptocurrency administration.
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2024-12-12 17:18