XRP Rally Sparks Record Profit-Taking Amid Ripple Labs Investment in Bitwise XRP ETF
Exciting news in the world of cryptocurrency! Long-term holders of XRP made over $1.5 billion in profits last week as the value of XRP soared to its highest level in three years. This surge in profits was the largest since April 2021, showing just how bullish the market has been. It’s common for investors to take profits after a big rally, but this doesn’t necessarily mean that the overall sentiment towards XRP has changed.
The Market Value to Realized Value (MVRV) ratio, which measures the current market valuation of XRP compared to its average purchase price, reached 217% on Tuesday. This suggests that the price of XRP may be overvalued in the short term, potentially leading to a market correction. The recent spike in XRP prices can be attributed to several positive factors, including the resolution of regulatory issues for Ripple Labs, the launch of money market funds on the XRP Ledger, and positive technical analysis.
In more news, Ripple has announced plans to invest in the Bitwise Physical XRP ETP (formerly known as the ETC Group Physical XRP). This investment news caused XRP to jump by 10%, and the European XRP ETP will now be trading under the ticker symbol GXRP on Germany’s Deutsche Börse XETRA. Brad Garlinghouse, CEO of Ripple Labs, highlighted the growing demand for crypto-backed investment products in 2024 and expressed optimism about the future of crypto ETPs.
The Bitwise Physical XRP ETP, launched in 2022, allows European investors to gain exposure to XRP. With all these exciting developments in the world of XRP, it’s no wonder that investors are paying close attention to the cryptocurrency market.
