Based on patterns in on-chain data, traders of XRP have ceased to make money following the historic week of partnerships. This is how next week’s price of XRP may recover $0.60.
The majority of the previous week has seen a consolidation in the $0.55 range for the price of Ripple (XRP). On-chain data patterns, however, indicate that traders have ceased making money following the exciting week of positive XRP news events. Will this lead to another increase in price towards the $0.60 region?
Holders of XRP have stopped selling following a slew of positive news reports.
The green flashing of a crucial on-chain indicator suggests that the price of XRP could have a good start to the week.
Ripple (XRP) Traders’ Profit Margins: Next Week’s Outlook,Ripple (XRP) Traders’ Profit Margins: Next Week’s Outlook
In the course of the cryptocurrency market’s upswing last week, Ripple (XRP) became one of the top gainers among the top ten coins. Coincidentally, other XRP traders started booking profits as earnings reached milestone levels. By the end of the week, XRP prices had effectively reversed course and were back around the $0.54 area.
On the other hand, Santiment’s Market Value to Realised Value (MVRV 30D) chart indicates that things improved over the weekend. By comparing the market value at current times to the average entrance price of the holders, the MVRV data illustrates the net-financial situation of recent purchases.
The graphic below demonstrates how the unrealized profits of individuals who purchased XRP over the previous 30 days increased to 8% when the price of the cryptocurrency neared $0.57 on October 24.
Notably, gains had surpassed 5.3% at that moment, the largest gains held by XRP short-term traders throughout the preceding 30-day period. Investors started taking gains almost after, and by Friday, the price had plunged to a weekly low of $0.54.
Now, though, the data indicates that XRP dealers have ceased their sales for the weekend. The MVRV chart presented above indicates that since Friday, October 27, unrealized profits accruing to XRP traders have resumed their upward trend.
This shift in attitude may have resulted from the historic collaboration with well-known exchange Uphold to ease international trade.
During a bull run, an increase in the MVRV indicator indicates that traders are becoming more bullish and are choosing to hold onto their investments rather than sell them right away.
Notably, the price of XRP increased from $0.54 to $0.55 between Friday, October 27 and October 29, and the gains for short-term investors increased from 4.24% to 6.4% during that time.
XRP Price Prediction: Will it Reach $0.60 Next Week?
The short-term traders’ optimistic attitude has XRP in a strong position to surpass the crucial $0.60 level next week.
The price of ripple (XRP) is now trading at $0.56 as bulls try to build another rally in the upcoming week.
The higher Bollinger Band on the daily time period suggests that $0.57 will be the initial hurdle that XRP must overcome. If there’s a clear breakout over that level, though, the bulls will probably start a bigger rally above $0.60.
Ripple (XRP) Traders’ Profit Margins: Next Week’s Outlook,Ripple (XRP) Traders’ Profit Margins: Next Week’s Outlook,Ripple (XRP) Traders’ Profit Margins: Next Week’s Outlook, Ripple coin Crypto news, Ripple coin News