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Assessing the Odds of XRP’s Price Outshining Bitcoin and Ethereum
XRP has been on a downward spiral recently, recording a staggering 6% loss in just seven days. The altcoin’s market capitalization has dropped significantly, causing many investors to question its potential to outshine two of the largest cryptocurrencies, Bitcoin and Ethereum. In this article, we’ll assess the possibility of XRP’s price surpassing that of both BTC and ETH.
The first major issue hindering XRP’s growth is its lack of popularity, as indicated by a decline in social volume. This downward trend might suggest that investors are losing interest in the token, which could further hinder its potential to climb the ranks.
Furthermore, the MVRV ratio has registered a slight uptick, indicating that the market capitalization of XRP is growing faster than the realized capital. Although this may initially seem positive, it ultimately suggests that there is an increased incentive for sellers to enter the market. This could lead to further price drops and make it even more difficult for XRP to overtake Bitcoin and Ethereum.
In addition to these concerns, the token’s daily active addresses have also seen a decline in recent days. This drop signals a decrease in network activity, which is not ideal for a cryptocurrency that relies heavily on transactions. The data indicates that fewer addresses are being created to transfer the token, further casting doubt on XRP’s ability to climb past its peers.
Lastly, both the MACD and CMF indicators suggest a rise in selling pressure, resulting in a bearish market trend. This increase in short positions might cause even more sellers to enter the market, causing XRP’s price to drop even further.
In light of these indicators, it appears that the possibility of XRP surpassing Bitcoin and Ethereum is thin at best. The data suggests that any momentum XRP may have had has been lost due to a variety of factors.
Source: ambcrypto.com
