As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I have seen my fair share of market fluctuations and trends. The recent surge in XRP‘s price and the accompanying rise in whale wallets holding XRP is indeed intriguing.
Over the last month, the value of XRP‘s native token on the XRP Ledger has surged by more than 37%. This surge appears to have coincided with an increase in large XRP wallets, which have noticeably multiplied over the past five weeks, showing a significant spike.
Based on information from the analytics company Santiment, there’s been a substantial rise in the count of wallets containing at least 10,000 units of XRP. This statistic, frequently used to gauge investor feelings, has hit a six-month peak, as approximately 280,000 wallet addresses now meet the criteria for being labeled “whale” accounts.
🐳🦈 In the last five weeks, there has been a significant increase in the number of digital wallets containing at least 10,000 units of XRP. As of now, approximately 279,400 such ‘whale’ and ‘shark’ wallets are listed on the ledger, reaching a six-month peak. This year, it has been evident that these large wallets have played a significant role in influencing the market value of XRP. 👍— Santiment (@santimentfeed) July 30, 2024
High-net-worth investors’ accumulation of XRP over 2024 has shown an “unmistakable” connection with the token’s price, as reported by the firm, indicating a positive forecast for the future of this cryptocurrency.
Following Santiment’s identification, several altcoins such as the meme-driven Shiba Inu, Cardano‘s ADA token, and Ripple‘s XRP, were marked as likely to recover. This prediction is based on a technical indicator indicating these cryptocurrencies are presently underpriced at the moment.
The MVRZ Score for matrics (cryptocurrencies) was developed by Awe & Wonder, based on the research of Murad Mahmudov and David Puell. It calculates this score by finding the ratio of a cryptocurrency’s total market capitalization minus its realized market capitalization, all divided by the standard deviation of the market cap. In simpler terms, it measures how much the current market value differs from the value at which the coins were last actually sold (realized), considering market fluctuations.
The MVRV Z-score tells us how many standard deviations apart the current market value is from its real value. A score greater than 7 implies investors are likely making substantial profits, which might indicate the formation of a bubble. On the other hand, scores below zero suggest that the market is experiencing losses or ‘bleeding’.
Assets such as Uniswap, Shiba Inu, Cardano, XRP, Polygon, and Chainlink, which have low MVRV Z-Scores suggesting possible undervaluation, are worth considering. These assets have endured significant losses (the “most pain”), but according to Santiment, they could see a recovery if the market undergoes a prolonged uptrend.
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2024-08-01 01:41