Ripple (XRP) price is under fresh selling pressure and tests key support at the June 7 low of $0.4508 on Thursday as whales are likely capitulating, according to on-chain data.
Ripple traders took over $75 million in losses in July, per Santiment data. Ripple ’s whales have distributed XRP at a loss in the past thirty days while retail investors accumulate the altcoin. Ripple ’s MVRV has dipped into the opportunity zone, where XRP price typically recovers. XRP dipped under key support at $0.4508, Ripple ’s June 7 low. Ripple price is under fresh selling pressure and tests key support at the June 7 low of $0.
Market Value to Realized Value metric is useful for identifying local tops and bottoms and upcoming reversals in an asset’s price. XRP’s 30-day MVRV has dipped to negative 4.42% on Thursday. According to this metric, XRP is currently undervalued and in the opportunity zone. On previous occasions when XRP’s MVRV touched this level, the asset’s price trend reversed, so the altcoin is likely primed for recovery.
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