Ripple‘s digital asset XRP has recently ascended in the cryptocurrency market cap rankings, outpacing the commonly traded stablecoin USDC. Despite a near 20% stash of the altcoin remaining in a state of loss, XRP’s market position has seen notable growth.
Tracking XRP’s Market Surge
In the recent trading session dated April 9th, XRP witnessed a slight climb in price, ending the session just under 1% higher at roughly $0.61. This uptick followed an earlier session that recorded a more robust gain of over 3%, cementing its foothold in the $0.60 territory. While the entire altcoin sector saw a 1% dip in value, XRP’s charts exhibit a modestly strong bullish pattern, with the Relative Strength Index hovering above the midline and the MACD indicator positioned marginally over the break-even point.
XRP’s Ranking Rise Amid Profit Challenges
XRP’s performance in the market has led to a shift in its standing, with the cryptocurrency now holding the sixth position in overall market capitalization, having edged out USDC. The 30-day Market Value to Realized Value (MVRV) ratio for XRP suggests a persistent loss for holders, reflecting a downwards trend in value since late March, pegging the MVRV figure around -7.4% currently.
Points to Consider
- The recent uptick in XRP’s price has not dispelled losses for many of its holders.
- XRP’s advance in ranking demonstrates its relative market strength despite profitability concerns.
- The current market dynamics may not favor short-term XRP investors looking for quick gains.
Despite the positive shift in market ranking for Ripple’s XRP, the percentage of the supply in profit has been on a decline. Data from Santiment shows that only 81.2% of XRP’s circulating supply is now profitable, down from the higher levels seen towards the end of the previous month. The decline suggests that the rise in ranking and price does not necessarily translate to a widespread financial win for XRP investors.