Like Bitcoin, altcoins have been experiencing intense selling pressure for weeks. One of these altcoins is undoubtedly XRP.
However, XRP has shown a significant recovery in the last 24 hours, rising to $1.10. This has attracted attention in the market, and popular cryptocurrency analyst Ali Martinez said that a key technical indicator has given the first buy signal since mid-June.
According to the analyst, XRP has given its first buy signal since June according to the SuperTrend indicator, suggesting a potential 14% increase in XRP price towards $1.24.
“The SuperTrend indicator has given a buy signal for XRP for the first time since mid-June.”
The last buy signal followed a 14% increase in XRP.
XRP Investors Suffer Huge Losses!
Martinez predicts a significant rise for XRP, and Santiment’s data also paints a bullish picture.
Santiment’s MVRV data shows that XRP holders are facing the largest unrealized losses in XRP history. According to the data, the 30-day MVRV for XRP is -45%, while the 365-day MVRV has dropped to -47%.
Santiment’s MVRV data is historically interpreted as a signal of bullish accumulation.
“XRP’s average trading returns are at historically painful levels. Its 30-day MVRV is at -45% and its 365-day MVRV is at -47%, meaning both short-term and long-term traders are swimming in deep profits. These levels indicate that fear and disappointment are currently extremely high.”
Historically, the best opportunities arise when the crowd feels the maximum amount of pain, not in an environment of maximum trust.
