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    Ripple Seems Untouched In The Ongoing Market Onslaught

    Tanya Sharma
    Tanya Sharma
    Published on October 15, 2022 6:30 PM

    Updated on January 25, 2023 8:45 PM

    In the last 24 hours, Ripple was the most profitable cryptocurrency out of the top 10. Despite the bearish market conditions and unfavourable outcomes, how did Ripple maintained its league?
    Ripple Seems Untouched In The Ongoing Market Onslaught

    The last 24-hour data reveals that out of the top 10 cryptocurrencies, Ripple(XRP) was the most profitable among all. XRP saw an increase of 8.86% in its price. Other cryptos too saw a hike, but the 7-day to 30-day performance for most crypto was in the red. The last 30-day performance for XRP witnessed a 49.37% increase in its price. 

    Whereas, Bitcoin witnessed a 2.57% decline. And the 30-day performance of Ethereum reveals the crypto was down by 17.72%. Keeping aside the stablecoins from the top 10, Ripple was the one crypto to withstand the market conditions and give superb performance.

    How Ripple Maintained Its League?

    The on-chain data explains that Ripple could have contributed to increasing price levels till 23 Sept. Santiment’s data reveals that on 6 Oct., Ripple hit the network growth level at 2267. 

    Ripple has kept the holders excited. Reports reveal that holders of the XRP token are exploring the token's real-world utility. However, as the network growth fell below the 1394 level, the XRP addresses exploiting utility slowed down. 

    The 30-day MVRV(Market Value to Realized Value) ratio of Ripple was an outcome of a similar circumstance. On 23 Sept., the MVRV ratio reached 38.39%. This data reveals one event - the XRP investors would have made huge profits on that day. 

    Despite a sudden decline of 1.50% on 2 Oct., the MVRV charts projected positive returns for Ripple. Network growth and MVRV ratio played a crucial role in various aspects of Ripple. But there are more aspects behind the sustained growth of XRP. A few days back, Ripple witnessed an increase in its transaction count.

     

    Hence, combining all the above aspects, the surge in the price of Ripple was somewhat expected. Also, the whales did a few large transactions and played a crucial part in boosting the Ripple economy. The 24-hour trading volume for XRP rose 76.75% to $2.87 Billion. And traders in the derivatives market would anticipate this opportunity and take advantage of it. 

    What The Future Holds?

    The current antecedent of Ripple reveals that future traders can potentially squeeze some profits. In the last 24 hours, the future open interest rate for XRP saw an increase of 10.75%. The future traders were in line with the rising momentum and did not plan to sell their gains at the moment. Ripple has the potential to survive this bear market and succeed in the long run. But will it? Well, that’s a question you get an answer to with time only.