Assessing XRP’s flow after CTO further claims superiority to BTC and ETH

Responding to allegations about Ripple [XRP] It underperformed, and its chief technology officer (CTO) claimed it was untrue. Ripple’s CTO David Schwartz, who also heads its Ripple Ledger (XRPL), says XRP is outperforming Bitcoin [BTC] and Ethereum [ETH] 2022.


Here is the AMB Cryptocurrency Price Prediction for Ripple [XRP] 2023-2024


In defense of the sixth-ranked cryptocurrency by market cap, Schwartz said such a claim could only be valid if the statement excludes recent time frames. According to him, XRP is down 45% this year, while BTC and ETH are down 56% and 57%, respectively.

How is it now?

However, given the recent time frame, XRP seems to have lost its supremacy over the top two cryptocurrencies. According to CoinMarketCap, XRP is trading at $0.000022, down 6.14% over the past seven days. During the thirty-day period, the value fell by 8.73%.

The opposite is true for BTC and ETH. In the same range, King Coin is up 8.13%, while ETH is up 13.02%. Considering the 24-hour performance, BTC and ETH are well above XRP. However, the recent underperformance did not take away Ripple’s extraordinary performance when market sentiment was negative.

Despite the price drop, XRP’s trading volume managed to sustain at $1.3 billion, according to data from Santiment on October 29.

Ripple [XRP] price and quantity

Source: Santiment

stand still now is not the time to fire

In addition to the increase in transaction volume, XRP has also seen growth in other areas. According to Santiment, the level of XRP in circulation has spiked over the past 24 hours. At the time of writing, XRP has a daily circulation of 541.41 million. As a result, a large amount of XRP has been traded during this period. With a difference of $200 million from its Oct. 28 value, the price drop did not result in a significant loss of interest for XRP.

Despite XRP’s dip, it may still not be the time for short-term and long-term investors to buy into the bottom. Examination of the Market Value vs Realized Value (MVRV) z-score shows that it has been recorded on the chart. According to Santiment data, the MVRV z-score is -1.095. While investors may think this is low, current market conditions may disagree. Therefore, it can be risky to determine that XRP is undervalued in its current state. Therefore, investors who wish to increase their holdings can consider stopping the accumulation.

Nonetheless, the current situation doesn’t go beyond Schwartz’s claim that XRP is doing better for the year. However, heading into the final two months of 2022, Ripple may struggle to overturn its recent performance, especially since it has failed to significantly follow the recent market recovery. For this reason, expectations for XRP may be much lower.

XRP liquidity and z-score

Source: Santiment

Source of information: Compiled from AMBCRYPTO by 0x Information.The copyright belongs to the author and may not be reproduced without permission

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