- 30-day MVRV shows that XRP remains in profit territory.
- The price rose again to the $0.6 price range.
XRP has retraced its recent upward trend, during which time it rose significantly to the $0.6 price range. We have also observed a notable increase in trading volume over the past 24 hours and a positive change in total supply.
XRP falls more than 8%
Daily chart analysis shows that on March 5, XRP experienced a notable price decline. The chart showed the price at around $0.64 from the trading day, but after an 8.6% decline it fell to around $0.59.
Review of the charts showed that no significant decline was observed for more than six months. The analysis also highlighted that this slump has taken XRP out of overbought territory, as evidenced by the Relative Strength Index (RSI).
Source: Trading View
However, at the time of writing, prices have shown signs of recovery, rising by more than 3.8%. It returned to the $0.61 range and was trading around $0.61.
Moreover, the RSI, which had fallen below 60 during the price decline, is now close to 60 at the time of this writing.
XRP trading volume surges to highest in 6 months
Another notable indicator of recent growth is trading volume. An analysis of Santiment’s volume indicators shows that it has seen sharp ups and downs over the past few weeks, but a consistent upward trend over the last 48 hours.
On March 5, XRP trading volume surged to approximately $4.02 billion. In the current update, it was around $4.3 billion, and the amount shown on the chart was $4.9 billion.
Source: Santiment
This means that the volume observed on March 5, coinciding with the price decline, was mainly influenced by sellers. However, recent analysis shows that buyers have controlled the quantity, which has contributed to the increase in the quantity and the rise in the price.
MVRV and Supply Margin Show Profitability
Before the price decline of XRP on March 5, the total profit supply of XRP reached nearly 90%. However, the decline has reduced profit supply to around 84% at the time of this writing.
Supply in the profit chart shows that approximately 84 billion XRP are currently in profit, compared to nearly 90 billion before the price drop.
Source: Santiment
How much is 1,10,100 XRP worth today?
Additionally, if you examine the 30-day Market Value to Realized Value Ratio (MVRV), you will notice that it fluctuates. As of March 4, XRP MVRV was around 11%, but fell to around 1% due to falling prices.
At the time of writing, it has rebounded by around 5%, indicating a dynamic market reaction to recent price movements.
Source: Santiment