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Research firm Kaiko has identified that the amount of Ripple (XRP) available for trading on the Gemini cryptocurrency exchange within a 1% price range has increased and is currently stable at around 150,000 XRP. This indicates a growth in the quantity of altcoins on the exchange.
Gemini Exchange and XRP
On August 10th, the market depth of XRP on the exchange experienced a temporary drop of 1%. This drop occurred after the altcoin briefly surged to $50, trading unevenly with spot markets on other exchanges.
Market depth represents the supply and demand of an asset at different price levels on a trading platform. The sudden spike in XRP’s value on Gemini was likely due to the low liquidity on the exchange following its relisting.
Gemini relisted XRP after a federal judge ruled in July that the token’s offer and sale did not qualify as an investment contract. During this time, a buyer placed a “market order,” which was fulfilled by an unsuspecting seller, causing the price to rise. This prompted market makers on the exchange to temporarily halt trading until the Gemini issue was resolved.
Currently trading at $0.611213 on the exchange, Kaiko has confirmed the availability of approximately 150,000 XRP within a 1% price range. This indicates a more balanced and stable supply and demand of XRP on the cryptocurrency exchange.
XRP Price Chart
Following the court decision on July 13th, the price of XRP increased. The MVRV ratio became increasingly profitable as it surged to a high of 121% on July 19th. According to Santiment, this metric measures the ratio between the current price and the average price at which each coin/token was purchased. As the ratio increases, more people may be willing to sell as potential profits rise.
However, when the price of gold began to decline, the MVRV ratio also quickly declined. At the time of writing, this ratio stood at 62.34%. Although still overvalued, the decrease in the MVRV ratio indicated a gradual decline in profitable XRP transactions over the past month.
On the daily chart, a decrease in token accumulation is observed. As of the time of writing, XRP has a Relative Strength Index (RSI) of 39.50 and a Money Flow Index (MFI) of 38.61. The selling pressure below the respective centerlines is a sign of accumulation among daily investors.
