Altcoin XRP price is falling after a sharp increase. Ripple’s recent victory led to a price increase. But now the cooling phase begins. Investors are gearing up for the next wave of excitement and potential gains.
XRP is calming down but how long will the next rally be?
Altcoin XRP has dropped almost 12% after the initial excitement of the decision passed. More long positions were liquidated as price corrections began. The final summary decision is Ripple’s [XRP] created a stir through the crypto community. As a result, XRP has seen a surge as many buyers follow the excitement. However, the price seems to be cooling off. But there are comments that it may be preparation for the next pump.
A recent post by Wu Blockchain revealed that the altcoin XRP had a significant drop in value of over 13% within 24 hours. The decrease came after the price increase following the announcement of the summary decision. The decision initially ignited an altcoin rally. But momentum seems to be waning. According to the latest data from Coin Market Cap, there has been a significant drop in trading volume over the past 24 hours. As of this writing, volume has experienced a significant drop of about 57%. It was about $5.6 billion.
Ripple’s price trend and short-term MVRV
Analyzing the daily time frame of altcoin XRP, it is seen that there was a notable rise of over 73% on July 13, with the price range reaching levels not seen since February 2022. This increase has pushed XRP heavily into the overbought territory. However, the subsequent decline has eased the extent of this overbought situation. From July 14 to 15, XRP experienced a drop of about 12%. At the time of writing, the transaction value was around $0.71.
In addition, as of the latest data, the 30-day Market Value to Realized Value Ratio (MVRV) was approximately 26.8%. This marked a drop from the over 50% MVRV witnessed on 13 July. The status of short-term MVRV shows that short-term holders of XRP are making substantial profits from their holdings.
Fix before a potential bounce for altcoin
Ripple’s price analysis, coupled with the MVRV data, showed that a price correction is likely on the horizon. The observed price increase was characteristic of the “sell the news” phenomenon, where prices tended to fall once the initial excitement subsided.
Also, long positions appear to face a higher risk of liquidation compared to short positions. Coinglass states that on July 14, long positions totaled over $14.7 million in liquidation. On the other hand cryptocoin.com When we look at it as an overview, it has been revealed that short positions are faced with liquidation over $ 9 million.
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