Ripple’s native token XRP has endured enormous price disruptions, thanks to the ‘unending’ legal battle between the SEC and Ripple. Meantime, XRP investors might witness a relatively lucrative signal regardless of the regulatory woes.
Leading digital assets printed recoveries within the last 24hrs while the broad equity markets steadied during this publication. The remittance token saw a somewhat impressive hike in on-chain analytics and price.
The altcoin printed bullish signals in its weekly chart, though traded within a near-term corrective setup. According to Santiment’s analysis of August 13, XRP recorded the most attractive NVT (Network Value to Transaction Ratio) chart within the overall cryptocurrency space.
NVT indicated whether the asset’s price exhibited overbought conditions. In this context, Ripple’s price endured a colossal hit, plummeting towards the $0.33 multi-week low. That represents a bullish case as the network usage and market value was not too far apart.
Remember, high NVT values indicate a bearish stance for the asset, as it showed overvalued network worth. Meanwhile, undervalued market capitalization compared to increased transaction volume means bullishness for a token.
Indeed, circulation noted massive network steam in May before slumping in June, similar to most assets. However, August had a different plan. Santiment noted that August seems on the path to confirming a semi-bullish or bullish NVT divergence for Ripple before month end. It added that four consecutive green months would mean a respite to investors.
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Sensing such developments, dominant investors (whales) appears to show their presence in Ripple. Meanwhile, XRP whales hit a 3-month peak in network activity amidst downside XRP prices. Santiment data shows the coin witnessed 452 whale transfers worth more than $100,000 – the highest figure since May.
Besides that, exchanges have shown XRP support. For instance, Binance launched (on August 22) a reward program in XRP form for individuals partaking in its learn & earn courses. Furthermore, Binance decentralized finance (DeFi) staking backed the same.
Indeed, August was somewhat friendly for the crypto market after the space struggled with continued low. For instance, Bitcoin climbed to challenge $25K before its latest slide. While publishing this blog, BTC changed hands near $21,416, surging 1.61% within the past day.