XRP, DOGE Deemed Massively ‘Discounted’ By This Metric

Santiment’s latest research reveals a clear distinction between major-cap cryptos above the MVRV trend-line and those below it. The yearly Market Value-to-Realized Value (MVRV) metric spans around 365 days to establish which active holders are sitting at a deficit and which are in the money.

The graphic suggests a particularly negative figure on Ripple’s XRP coin and Dogecoin (DOGE), flashing -11.75% and -19.26%, respectively. According to Santiment Intelligence, that lowers the downside risk critically. “Buying during that pain has historically offered better long-term setups”, the post read.

With the broader market seeing a pullback on Thursday, both XRP & Dogecoin (DOGE) had to give away some of the recently-equipped gains. Both of the assets in question trimmed their market values by more than 5% over the past 24 hours, positioning themselves below current resistance.

While XRP’s price is now tampering with the $1.50 resistance line, Dogecoin’s (DOGE) battle at $0.093 comes back into play after a persistent rejection at ten cents. With the downside risk minimized, both of these OG altcoins may see fresh buyer entries from whales, typically stepping in at ultra-low MVRVs.

In case of a further price fall, XRP’s got strong support at $1.40, coinciding with the mid-tier Bollinger Band (BOLL). If that doesn't help, the next massive support bubble lies at $1.25. On the contrary, bulls can expect to regain dominance if XRP’s price manages to sustain above the Red-Label BOLL band of $1.55.

This comes at a time where XRP’s long-term HODLers are still nursing their deficits despite the recent double-digit upswing.

Meanwhile, leveraged traders have freshly added exposure to XRP price positions, evident in the quickly-growing Open Interest (OI). That’s surpassed $600M while the yearly record is $691 million on January 5th, a threshold that's now not far off. 

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