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Ripple (XRP) has recently experienced a change in its market value position, climbing higher in the top ten rankings and surpassing the popular market stablecoin USDC. Despite the recent price performance, nearly 20% of the altcoin supply remains unprofitable.
Ripple’s Momentum on the Rise
XRP completed the trading session on April 9th with more upward price movement. The daily time frame chart showed a less than 1% increase, bringing the trading price to approximately $0.61. Furthermore, the previous trading session saw a more significant increase of over 3%, solidifying the price’s position in the $0.60 range.
Despite a 1% decrease in value for the Altcoin, the situation remained the same at the time of writing. The charts indicated a weak bullish trend with the Relative Strength Index (RSI) maintaining its position above the neutral line. This was supported by the Moving Average Convergence Divergence (MACD), which was just above zero.
Depending on how well XRP performed on the price front, there was a change in its market value ranking. XRP is now the sixth-largest cryptocurrency in the market, leaving USDC behind. Analysis of XRP’s 30-day Market Value to Realized Value (MVRV) ratio revealed that despite the recent price increase, XRP holders are still experiencing losses. Additionally, the MVRV chart has been showing a decline since the end of March, with a value around -7.4% at the time of writing.
XRP Leaves USDC Behind!
This negative percentage indicates that XRP holders who purchased during the specified period are currently at a loss. Moreover, the recent change in market value has not translated into positive outcomes for investors in this wallet category. Another significant metric not reflecting the recent price increase positively is the supply of XRP in profit.
According to experts, there has been a continuous decline in the supply of XRP in profit. As per Santiment, approximately 81.2% of XRP’s supply was in profit, equivalent to about 81.2 billion XRP. This represents a notable decrease from the >87 billion XRP observed towards the end of March.
