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XRP

XRP Profit Taking At Highest Since Aug. 2021 As Price Rises Another 17%

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows XRP profit taking has surged to its highest level since August 2021 as the price has climbed another 17% in the last 24 hours.

XRP Profit-Taking Volume Is Currently More Than Two Times The Loss-Taking Volume

According to data from the on-chain analytics firm Santiment, a large amount of profit taking is currently taking place from XRP investors. The relevant indicator here is the “ratio of transaction volume in profit to loss,” which tells us about how the current daily profit-taking volume of the asset is compared against the loss-taking one.

The indicator separates profit-taking volume from the loss-taking one by going through the on-chain history of each coin being sold to see what price it was last moved at.

If this previous value for any coin was less than the price it is now being sold at, then the coin’s sale is contributing towards the profit-taking volume. Similarly, for the opposite case, the volume would be considered the loss-taking one.

When the value of this indicator is greater than zero, it means there are more profits being realized than losses right now. On the other hand, values below this threshold imply the dominance of loss-taking volume.

Related Reading: Bitcoin On-Chain Data Shows No Signs Of FUD Among Binance Users

Now, here is a chart that shows the trend in the XRP ratio of transaction volume in profit to loss over the last couple of years:

Image

The value of the metric seems to have been quite high in the last few days | Source: Santiment on Twitter

As shown in the above graph, the XRP ratio of transaction volume in profit to loss has observed a sharp spike recently. According to the current value of the metric, there are around 2.1 times as many profit-taking transactions happening as loss-taking ones at the moment.

This spike has come after the cryptocurrency has shown a period of remarkable upwards momentum, with the price gaining around 24% in value in the last week, while profits for the past month stand at 46%.

Generally, it’s not uncommon to see the profit-taking volume surge during periods with such sharp growth, as a large number of investors rush to harvest their gains.

This kind of selling for profits, however, can naturally have a bearish effect on the cryptocurrency’s price. From the chart, it’s visible that generally, whenever the indicator has seen especially large spikes, the value of the asset has registered a local top soon after.

The current value of this XRP ratio is extraordinarily large, and it is in fact the highest the indicator has been since August 2021, around 1.5 years ago now.

Back then, the local high didn’t immediately form when the profit-taking volumes spiked, but it still appeared nonetheless with a bit of delay.

Related Reading: Ethereum Supply On Exchanges Has Plunged To New All-Time Lows

It’s possible that the current rally in the token’s price can still continue for a while despite this rapid profit realization, but if the historical pattern is anything to consider, it may not be too long before a top is hit.

XRP Price

At the time of writing, XRP is trading around $0.55, up 25% in the last week.

XRP Price Chart

The value of the asset has sharply gone up | Source: XRPUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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