Are there buy signals for Ripple (XRP)?

✴️Analyst Explains
With the new developments in the Ripple-SEC case, analysts are now becoming more interested in the company's native cryptocurrency XRP.

↘️With the new developments in the Ripple-SEC case, analysts are now becoming more interested in the company's native cryptocurrency XRP. Technical and on-chain analyst Ali Martinez evaluated the XRP market and published an interesting finding. According to him, XRP can provide an "opportunity for investors to make a profit".

Martinez used the Market Value by Actual Value ( #MVRV) 30D index to support his theory, saying on Twitter that the index had recently dropped to -0.91%. This is a situation that reveals that the "downtrend is approaching extinction". Martinez said:

“Over the past year, every time MVRV drops below 0%, it has acted as a buy signal for XRP.”

What's more, it seems like XRP whales have returned to spool mode. According to data from Santiment, the number of wallet addresses holding “more than 10 million XRP tokens” has increased by approximately 4.90% over the past week . In addition to the increase in whale accounts, around 15 new whales have "joined" in the last seven days alone.

Earlier, Santiment discovered that XRP whales have shrunk since the SEC announced its charges against Ripple. In particular, wallets holding 10 million XRP and more were falling as whale addresses dropped to 18 shortly after the SEC sued Ripple founders.

However, Ripple's native cryptocurrency has now become a "permanent presence" on Santiment's "rising trends" page. Interestingly, his "rise in the debate" came after people expected the possibility of a "deal" in the Ripple-SEC case. Additionally, Santiment pointed out that the 'buy bottom' trend is on the rise for other cryptocurrencies such as BTC .

↘️Perhaps willing investors are following the same principle for stacking XRP in anticipation of an increase in price. In fact, XRP's 'Relist XRP' campaign is also growing, and the number of people demanding crypto exchanges to support XRP is growing. One Twitter user said:

"Regardless of exchanges that are repurposing cryptocurrency , it's safe to say that XRP price has become almost retail-focused.

It will be interesting to watch whether the highly active XRP army alone can push the XRP price higher, maybe even the $ 1 range. XRP was trading at $ 0.53 at the time of writing.