The XRP price has been on a tear over the past few weeks, consolidating its position as the third-largest cryptocurrency by market cap. According to data from CoinGecko, the altcoin is one of the top gainers amongst the large-cap assets, with its value up by double digits in the last seven days.
This positive projection revolves around unique movements of the MVRV (Market Value to Realized Value) Ratio, which assesses whether a cryptocurrency (XRP, in this case) is overvalued or not. Martinez noted that the altcoin could be back on its bullish tracks following a golden cross between the MVRV ratio and its 200-day simple moving average (SMA).
There is no question that the improving climate for cryptocurrencies in the United States could provide an enabling environment to sustain a significant bull run for the XRP token. Moreover, the shout of an altcoin season beginning further gives credence to the potential of XRP’s price witnessing exponential growth in the next few months.
As of this writing, the value of XRP stands at around $3.31, with a 0.7% decline in the past 24 hours. This past day’s action is not a strong reflection of the altcoin’s performance on the weekly timeframe. According to data from CoinGecko, the XRP price jumped by more than 10% to reclaim the $3 mark over the past week.
Featured image from Pexels, chart from TradingView
