Recent data made public by the crypto analytics firm Santimnet shows that Ripple’s native XRP is undervalued.
XRP is Undervalued
According to the data, altcoins XRP, SHI, UNI, MATIC, LINK, DOGE, and ADA are undervalued. The analysis is based on coins’ realised capitalizations that are lower than their market capitalizations. Listing the coins, Santiment tweeted:
“Several of the largest altcoins show undervaluation when combining short, mid, and long term realised capitalizations.”
Several of the largest #altcoins show undervaluation when combining short, mid, and long term realized capitalizations. Market caps are above realized caps for $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, & $LINK, hinting many may make up ground this summer. https://t.co/3wLIFZ8B90 pic.twitter.com/WMzy4imOO9
— Santiment (@santimentfeed) June 4, 2023
However, as per the MVRV Z-score, the cryptocurrencies that are overvalued are BTC, ETH, and, BNB.
MVRV, an abbreviation for “Market Value to Realised Value,” is a valuation metric utilised in the cryptocurrency domain. It involves comparing the present market capitalization (market value) of a specific cryptocurrency with its realised value. By doing so, MVRV offers insights into the asset’s valuation or the overall market situation.
XRP Price Analysis
Currently trading at $0.52, Ripple’s native XRP is up 4.73% during the day, the largest gainer among the top 10 cryptocurrencies. Over the week, XRP is the 6th largest gainer as the coin gained value by 4.04% in the meantime. Further, over the past 30-days, XRP gained value by 15%. Remarkably during the same time frame the premier cryptocurrency Bitcoin has lost value by 7%.
Despite the fact that XRP has outperformed most cryptocurrencies over the past few months, it is impressive that the coin is still undervalued.
A recent spike in XRP’s active on-chain addresses could be one of the reasons for the coin’s promising future price activity. According to the data, the spike in XRP’ active on-chain addresses that took the number to the level of 490,000, is just a little lower than the 45% surge that was recorded on March 18th.
Moreover, considering the current situation of the SEC lawsuit, XRP’s price is likely to go up in the next few months.
The post Despite Outperforming the Market Recently, XRP Remains Undervalued, the Santiment Data Shows appeared first on Ripple Coin News.
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Author: Gracie Perez
