January ends with corrective price movements of 20% in Bitcoin and up to 50% across the market. Since the November 10 peak, nearly all cryptocurrencies have lost half their value from ATH prices. Data provided by on-chain analytics firm Santiment shows that Ripple (XRP), Uniswap (UNI) and 4 altcoin projects may have entered the opportunity zone. As Kriptokoin.com, we convey the details…
UNI, XRP, GRT, AAVE, COMP and LRC are in the opportunity zone
As the centiment metrics show, the cryptocurrency market has been quite volatile in recent months, with sharp drops. With the rising expectations invalid, the downward momentum deepened even more. As a result, Bitcoin and Ethereum lost their support at $40,000 and $3,000, while Uniswap (UNI) hit lows as its price slumped as low as $10. It is trading 76.32% below the May 3rd ATH price at current levels. Metrics like MVRV indicate when traders tend to buy. As always, every long loss period usually rewards traders’ patience with buying opportunities. According to Santiment, altcoin projects like XRP and Uniswap offer entry opportunities as they hit all-time negative MVRV levels. In its analysis for the day, the firm shares 6 altcoins entering the buy zone according to the MVRV metric:
Uniswap is one of the few cryptos that has seen trader profits fall particularly hard during recent price corrections. Metrics like MVRV indicate that trader pain reveals buying windows. UNI, XRP, GRT, AAVE, COMP and LRC.
https://twitter.com/santimentfeed/status/1488048905778757638
Altcoin Ripple funding grows 46%
Santiment states that XRP is at the most negative average MVRV level since the end of June 2021. Despite the drop, Ripple CEO Brad Garlinghouse recently stated that his company is in its strongest financial position to date, with $1 billion in the bank. According to the company’s recent report, the fourth quarter saw an increase of 46% compared to the previous quarter as “On Demand Liquidity” (ODL) customers exceeded $1 billion.
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