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Home»Altcoins»XRP Rises 16% in 7 Days: Is This the Reason?
Altcoins

XRP Rises 16% in 7 Days: Is This the Reason?

2023-11-08No Comments3 Mins Read
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XRP Rises 16% in 7 Days: Is This the Reason?

  • The price of XRP rose 16% in the past week as Ripple was about to start its Swell event.
  • Now that the MVRV ratio has reached a new high, profit-taking activity could depress the value of XRP

For the Ripple swell event kicking off on November 8, XRP has posted a 16% price growth over the past week.

Ripple Swell is a two-day event, held often in November since 2017, where leading figures from the global payments industry come together to discuss a variety of topics.

Crypto research firm ASXN noted in a recent post on

1/2

XRP typically rallies in their flagship Swell conference, before falling after the conference.

This year’s Swell conference will be held in Dubai from November 8 to 9 and has collected ~40% for the event. pic.twitter.com/KgEue6wLx9

— ASXN (@asxn_r) November 7, 2023

The price increase prior to the event is usually related to the annual anticipation of the major announcements expected to be made during the meeting.

In an October 27 post, pseudonym X user WKahneman noted that specific announcements to be made at this year’s Swell event remain uncertain. However, there are some options on the table.

These include an Initial Public Offer (IPO), the acquisition of a Virtual Assets Regulatory Authority (VARA) license, Central Bank Digital Currencies (CBDCs), stablecoin/tokenization initiatives and more.

Furthermore, the event may shed light on whether Ripple continues to see itself primarily as a payments company.

This year’s SWELL could be very important. I don’t know what is being announced, but there are possibilities:
IPO
VARA license
CBDC
Stable coin/tokenization
New users(!) – after a year of silence we may get more details if #Ripple still sees itself primarily as a payments company.

— WrathofKahneman (@WKahneman) October 27, 2023

XRP holders have reason to smile

At the time of writing, the altcoin was trading at $0.6822, the highest price level since August 3, according to data from CoinMarketCap.

See also  Bitcoin: Which Stablecoin Flows Tell You About BTC's Next Move

AMBCrypto’s on-chain assessment of how profitable XRP investments showed steady growth in the token’s market value to realized value (MVRV) ratio.

An asset’s MVRV ratio tracks the ratio between the current market price of that asset and the average price of each coin or token. A positive MVRV ratio above the midline indicates that an asset is overvalued.

The more this ratio rises, the more likely it is that traders have historically shown their willingness to sell at a profit.

AMBCrypto found that XRP’s press-time MVRV was the highest since August 14 at 81.73%. If every XRP holder were to sell their tokens at that value, they would realize an average profit of 81.73% on their initial investments.

Source: Santiment

However, it is pertinent to note that XRP’s MVRV at overvalued highs could be an indication of a possible near-term price correction.


Is your portfolio green? Check out the XRP profit calculator


The token’s key momentum indicators observed on a daily chart lent credibility to this position. At the time of writing, XRP’s Relative Strength Index (RSI) and Money Flow Index (MFI) were at overbought highs of 73.64 and 80.22, respectively.

Source: XRP/USDT on TradingView

At these levels, the buyers in the market find it difficult to sustain further price appreciation.



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Days reason Rises XRP
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