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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

XRP NVT Ratio Has Been High Recently: What It Means

Keshav Verma
Keshav Verma
10 months ago
3 mins read
XRP

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On-chain data shows the XRP Network Value to Transactions (NVT) Ratio has seen some spikes recently. Here’s what it means for the asset.

XRP NVT Ratio Reached A High Of 1,162 Earlier In The Month

In a CryptoQuant Quicktake post, analyst Maartunn has discussed about how the latest trend in the NVT Ratio of XRP has been like. The “NVT Ratio” here refers to an indicator that keeps track of the ratio between the market cap of the asset and its transaction volume (both in USD).

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When the value of this metric is high, it means the value of the network (represented by its market cap) is high compared to its ability to transact coins (measured by its volume). Such a trend could imply the asset may be overvalued.

On the other hand, the indicator being low suggests the market cap isn’t inflated when compared to the transaction volume, so the asset’s price could be due a rebound to the upside.

Now, here is a chart that shows the trend in the XRP NVT Ratio over the last few years:

XRP NVT Ratio
The value of the metric appears to have spiked in recent days | Source: CryptoQuant

As displayed in the above graph, the XRP NVT Ratio has witnessed some spikes recently, with a particularly large one having come on the 2nd of this month. These recent highs in the indicator would imply the market cap of the coin isn’t being justified by its volume.

Over the last week, the asset has registered a jump of more than 25% in its price, but if volume doesn’t catch up soon, it’s possible that the rally would run out of steam before long.

Something else that could be a danger to the XRP run is an excess of Fear Of Missing Out (FOMO) developing among the investors. According to data from the analytics firm Santiment, a couple of FOMO indicators related to the the asset have seen a surge recently.

The metrics in question are the Binance Funding Rate and the Social Dominance. The former of these keeps track of the ratio between the long and short positions present on the cryptocurrency exchange Binance, while the latter measures the percentage of social media discussions related to the top 100 cryptocurrencies that XRP alone is contributing.

Below is the chart shared by the analytics firm that shows how these metrics have changed for the coin recently.

XRP Funding Rate & Social Dominance
The two indicators appear to have observed sharp increases recently | Source: Santiment on X

From the graph, it’s apparent that traders on Binance have opened a massive amount of long positions alongside the price surge as the Funding Rate has turned highly positive.

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The Social Dominance has also seen an uplift of its own, with XRP-related discussions making up for more than 4% of social media discussions around the cryptocurrency sector.

Both of these can point to the presence of excessive hype in the market, which is something that has historically led to a top for the asset.

XRP Price

XRP had surged to a high of $0.74 yesterday, but it appears the coin has seen a pullback since then as its price is now floating around $0.67.

XRP Price Chart
Looks like the value of the asset has been riding an uptrend over the last few days | Source: XRPUSDT on TradingView
Featured image from Dall-E, Santiment.net, CryptoQuant.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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