- XRP’s market capitalization is now over $33 billion.
- Since doing so, the cryptocurrency has continued to maintain its price in the $0.6 area.
XRP recently recorded changes in market capitalization rankings, rising further within the top 10. This made it overtake USDC, the popular market stablecoin. However, despite the latest price-performance ratio, approximately 20% of altcoin supply is still unprofitable.
XRP replaces USDC
XRP ended the trading session on April 9 with more northward price action. Examination of the daily time frame charts shows a modest rise of less than 1%, with a trading price of around $0.61. It also saw significant gains of over 3% in the previous trading session, placing it firmly within the $0.6 price range.
This was despite the altcoin losing 1% in value at press time.
On the chart, the Relative Strength Index (RSI) remained above the neutral line, indicating a mild bullish trend. This is confirmed by the Moving Average Convergence Divergence (MACD), which is slightly above zero.
Depending on how well XRP has performed in terms of price, there have also been changes in its market capitalization ranking. XRP has now surpassed USDC to become the 6th largest cryptocurrency on the market.
A few negative points stand out
An analysis of XRP’s 30-day market value to realized value ratio (MVRV) shows that despite recent price increases, holders are still suffering losses. In fact, the MVRV chart has been in a downward trend since late March, and at the time of writing, its value is around -7.4%.
This negative ratio indicates that holders who acquired XRP during this period are currently incurring losses. Additionally, recent market capitalization changes have not resulted in favorable results for traders in this wallet category.
Profit supply continues to decrease
Another important indicator that has not reflected the recent price increase positively is XRP’s profit supply. According to AMBCrypto’s assessment, the gains in XRP supply have continued to decline. In fact, according to Santiment, at the time of writing, approximately 81.2% of XRP supply has been generated in revenue, equivalent to approximately 81.2 billion XRP.
This is a notable decrease compared to the 87 billion XRP figure seen at the end of March.
Can XRP maintain this new market cap?
The gap between XRP, currently ranked 7th, and USDC is approximately over $1 billion. What this means is that price declines could quickly erode recent market capitalization gains.
However, a closer analysis of the 30-day market value to realized value (MVRV) ratio also reveals the possibility of price increases in the future. A slight upward trend in MVRV, which is currently trending below 0 at press time, is likely to have a positive impact on market capitalization.
Read Ripple (XRP) Price Prediction for 2024-25
This means that in the long run, XRP is more likely to outperform USDC and maintain this trend.