Comparing Market Performance: XRP’s Pros and Cons of Outperforming Top Cryptocurrencies

Assessing the Odds of XRP’s Price Outshining Bitcoin and Ethereum

The recent correction in XRP’s price has led to increased speculation about its potential to outperform both Bitcoin (BTC) and Ethereum (ETH). However, a closer look at the token’s on-chain data suggests that this might not be the case.

At the time of writing, XRP is trading at $2.15 with a market capitalization of over $123 billion, making it the 4th largest cryptocurrency in circulation. Despite the recent price drop, which has restricted its potential to compete with the leading coins like BTC and ETH, there are some who believe that XRP could surprise the market by outperforming them.

According to a tweet from EGRAG CRYPTO, XRP has the explosive potential to outperform both BTC and ETH in the coming days. The post also mentioned that the VRVP showed a void above 4.30%, indicating less resistance and a smoother path to an all-time high (ATH) and beyond. Additionally, the KABOOM Green Zone was noted to start at Fib 0.50, signaling a big move ahead.

However, upon analyzing XRP’s on-chain data, it appears that this optimism might be misplaced. The token’s MVRV ratio registered a slight uptick, indicating that the market capitalization is growing faster than the realized capital. This could lead to an increase in selling pressure, which would further hinder its potential to outshine BTC and ETH.

Furthermore, XRP’s daily active addresses have been on a downward trend over the past week, indicating declining network activity. This is a worrying sign for investors who are betting on the token’s price rebound.

From a technical perspective, the MACD has flashed a bearish signal in the market, while the Chaikin Money Flow (CMF) also registered a downtick, suggesting that selling pressure has been on the rise.

Source: ambcrypto.com