CandleFocus XRP’s 275% Yearly Growth Might Have Left It Overvalued – Here’s Why
2024-12-21
Author: Content Editor
The XRP token has seen a significant price increase, leading some to question whether it is overvalued. On-chain analysis indicates that XRP may be overpriced compared to the overall market conditions. The Network Value to Transaction (NVT) ratio has spiked to a high reading of 477, suggesting that the market cap is growing at a faster pace than transactions on the network. Additionally, the price-Daily Active Addresses (DAA) divergence has dropped, indicating a decrease in user engagement with XRP wallets. The XRP price attempted to reach $2.40 but faced resistance at $2.35, pulling the price back to $2.31. The Moving Average Convergence Divergence (MACD) also indicates bearish momentum. If the bearish scenario continues, the XRP price could drop to $1.90, while increased buying pressure could drive it up to $2.73.
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