Ripple [XRP] investors were pumped about $1.1 million worth of investments into the payment network, according to the latest report by CoinShares. James Butterfill, who headed the weekly asset fund flow review, noted that this was the third week running that such an event had taken place.
This dedication implied that these investors trust the Ripple ecosystem enough to overcome the odds, irrespective of the ceaseless battle with the SEC.
Here’s AMBCrypto’s Price Prediction for XRP for 2023-2024
Despite the liquidity influx, data from Santiment showed that XRP could not resist the 8.65% price decline over the last 24 hours. However, there was some “brighter side” impact on Ripple’s chain. Furthermore, according to the on-chain insight platform, XRP registered a 95% volume increase within the same period. At press time, this volume was $1.61 billion.
The XRP status further inferred that there had been a hike in XRP’s confirmed transactions.
How long to hold XRP?
Considering the unwavering dedication of these investors, one would have imagined that the profits made recently were enormous. However, the status of the Market Value to Realized Value (MVRV) ratio showed some contradiction.
Based on Santiment’s revelations, the 30-day MVRV ratio indicated a decline, with its value at -0.997%. It implied that some XRP investors, in recent days, plunged into losses. For others who were beneficiaries of the MVRV ratio going to 6.564% on 4 November, the profit margins would have become bleak.
Thankfully, catastrophe was not the order of the day for its network growth. At the time of writing, XRP’s network growth had appreciated to 1,776. Additionally, this rise seemed to align with investor fund flow and volume increase. In essence, it suggested an increase in the number of new addresses.
These new addresses have taken part in a good number of XRP transactions since its last low point on 6 November.
Source: Santiment
From top to bottom
Along with these developments, its previous NFT highlights seemed to have chosen the reverse side. You would recall that the Ripple community arose when the blockchain firm set forth to move digital collectibles to the XRPL.
Yet, the incredible rise of the NFT trades volume to $1.77 million on the release date had far been flung off. At press time, Santiment showed that the XRP trades volume stood at $345,000. Although the current value was an increase from the transactions of 5 and 6 November, it did not indicate a significant renewed interest.
At the aforementioned volume, it was obvious that traders involved in XRP NFTs had taken a back seat. Hence, there was no clarity on how lengthy it might take XRP to revive per price and other aspects of its downside chain.
Source: Santiment
Ecosystem
Research
News Network
About