XRP became a witness to a noticeable level last week, rising by 35%. Altcoin is currently trading at $ 3.10, a little less than 3.41 US dollars.
Nevertheless, the data on the chain suggests that the token can be overestimated at the current price. This causes concern about his ability to overcome the high -level (ATH) all the time, since the benefits of profit among merchants.
Acted status XRP can cause more sales
The XRP market value to the realized value (MVRV) emphasizes its overestimated status, which is 409.47% during printing, according to Santiment.
The MVRV coefficient evaluates whether the asset is reassessed or underestimated by comparing its market value with its value. A positive ratio indicates that the market value exceeds the realized value, which indicates a revaluation. Conversely, a negative coefficient means that the market value is lower than the value of the value, which indicates that the asset is underestimated compared to its initial purchase price.
At the level of 409.47%, the MVRV XR ratio in simpler terms means that on average investors who purchased XRP make a profit of 409% compared to their initial purchase price. This can cause an increase in sales pressure.
It is noteworthy that the negative balance of forces (BOP) XR during print is at -0.83.
BOP measures the relative power of purchase compared to market pressure on the market. When BOP is negative, this indicates that the sales pressure outweighs the purchase. This suggests that more investors seek to eliminate their positions than to accumulate, which can lead to the movement of the lower price.
XRP price forecast: Impulse sale threatens to reduce the price
As the sale of activities is gaining momentum, the price of XRP will fall further from its record high level. According to Fibonacci Retros tool, the Altcoin price may decrease to support $ 2.45.
Conversely, a shift in a market trend towards accumulation will lose this bear projection invalid. In this case, the price of the XRP comes to its record high level and try to break through above.
