Reading time: ~ 2 m
On-chain data from Santiment indicates XRP remains undervalued at its current price and therefore has the potential to rise. Recent volatility in the cryptocurrency market has sent XRP down to an intraday high of $ 0.57 – the lowest in four months.
In terms of network data, the Strong and Oversold Santiment indicator indicates that XRP is “undervalued” compared to its fundamentals. Following this drop, XRP is trading at $ 0.82 at time of publication.
📊 Our ‘Strong and Oversold’ screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals. Our requirements for this list include high market cap, volume, and address activity. $BTC $XRP $HEX $SHIB $WBTC $LTC https://t.co/CUCuCsS1ju pic.twitter.com/ZjWFjqzy3R
— Santiment (@santimentfeed) December 6, 2021
When the price of an asset has dropped sharply to below its true value, it is said to be oversold. This usually happens as a result of overreaction in the market or panic selling. Assets that have dropped significantly over a short period of time are often considered oversold in this case.
Source Santiment
This is also indicated by the RSI indicator on the daily XRP / USD chart – over the past four days, it has been in the oversold zone. On December 5, the indicator was at around 26, the lowest level this year. After being at such levels, assets tend to recover, but everything will depend on the market situation as a whole.
#Network #data #XRP #undervalued
