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TheCryptoBasic

06/19/2024

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Santiment Unveils Bullish Metrics for XRP and Cardano Pointing to Imminent Rebound

Santiment calls attention to the MVRV ratio, suggesting that XRP and Cardano are currently undervalued and on the verge of an impressive rebound. The cryptocurrency market has been experiencing a significant...

Santiment Unveils Bullish Metrics for XRP and Cardano Pointing to Imminent Rebound

Santiment calls attention to the MVRV ratio, suggesting that XRP and Cardano are currently undervalued and on the verge of an impressive rebound.

The cryptocurrency market has been experiencing a significant downturn, with major assets like Bitcoin, XRP, and Cardano hitting substantial lows. Despite this pervasive bearish sentiment, recent market metrics from Santiment and insights from analysts suggest a potential rebound for XRP and Cardano.

XRP and Cardano Currently Undervalued

Santiment, a blockchain analytics firm, recently shared promising data on X, indicating a bullish outlook for several cryptocurrencies. They highlighted the Market Value to Realized Value (MVRV) ratio, a metric used to assess market sentiment and potential price movement. 

🐂 The lower a cryptocurrency's 30-day MVRV is, the higher the likelihood we see a short-term bounce:

Bitcoin: -4.0% (Mild Bullish)
Ethereum: -4.3% (Mild Bullish)
XRP: -3.5% (Mild Bullish)
Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral)
Cardano: -12.6% (Very Bullish) pic.twitter.com/zHGg4t3qo1

— Santiment (@santimentfeed) June 19, 2024

The 30-day MVRV ratio compares the current price of an asset to the average price at which it was acquired over the last 30 days. According to Santiment, a lower MVRV ratio implies that the asset is undervalued, suggesting a higher likelihood of a price recovery in the short term.

Per Santiment’s data, Bitcoin’s 30-day MVRV stands at -4.0%, indicating a mild bullish outlook. Ethereum follows with -4.3%, also suggesting a mild bullish sentiment. XRP, with a 30-day MVRV of -3.5%, and Cardano, at a more pronounced -12.6%, both signal strong potential for a rebound. 

Interestingly, market data confirms that Cardano and XRP are hovering around undervalued regions. ADA’s relative strength index (RSI) slumped to 28.8 yesterday amid a price drop to $0.35, confirming that the asset is undervalued. In addition, XRP’s RSI stands at 44, slipping into the undervalued zone.

Market Analysts Expect ADA and XRP Rebound

Meanwhile, analysts have echoed Santiment’s optimistic view, particularly for XRP and Cardano. Cryptobilbuwoo, a market analyst, shared on X his analysis based on a weekly chart. 

He emphasized that whenever ALT.D, a measure of altcoin dominance, retests an upward trend line, XRP tends to rise, which in turn positively impacts ALT.D. His technical analysis projects a potential rise for XRP to $271, suggesting an imminent technical rebound. XRP currently changes hands at $0.4915.

#xrp #Ripple #Alt #gold
From the moment ALT.D touches the upward trend line, XRP rises and affects ALT.D. An unconditional technical rebound awaits. Those who are prepared and strong-minded can achieve prosperity. 🙂
🌕🟣🟢
🕛
🌊
https://t.co/yU5RjkhSKf pic.twitter.com/waQcMvfeIX

— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) June 19, 2024

On the other hand, Cardano’s outlook was previously analyzed by Sebastian, another market expert, who pointed out in a recent post on X that the recent price drop to $0.40 presents a significant buying opportunity. 

As I previously said, the dump wasn't over.$ADA just hit $0.40 and this is an incredible opportunity to load up your bags.
We could still see $0.38 if Bitcoin continues to dump, best way is to DCA at these prices.
Huge bounce incoming once this dump is over. https://t.co/q9raVYpHOu pic.twitter.com/hnpZNOENTM

— Sssebi🦁 (@Av_Sebastian) June 14, 2024

He advised employing a Dollar-Cost Averaging (DCA) strategy, where investors buy Cardano at regular intervals to mitigate the risk of market volatility. Sebastian noted that if Bitcoin continues its downtrend, Cardano might dip to $0.38, but he remains confident about a substantial bounce once the current market downturn concludes.

Interestingly, this projection recently materialized, as ADA collapsed to a low of $0.3575 yesterday, its lowest price this year. Cardano’s substantially low MVRV and RSI was due to this steep decline. ADA now trades for $0.3920 having increased 2.19% today in a bid to reclaim $0.40.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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