Solana was able to flip XRP and rank up in the top ten of the market less than three weeks ago. SOL’s price has risen at a considerably faster rate since the flippening. In fact, it has surpassed USDC, Dogecoin, and Polkadot on the rankings.
In the last few hours, both of the alts have been displacing each other on CMC’s ranking charts. Furthermore, the difference in market capitalization between the two companies was less than $3 billion.
Will XRP rise to reclaim?
As of now, chances of XRP price staging a rally are bleak as the metrics do not favour the thesis.
This metric took more than ten days to climb from 1.05 to 1.82. But it was all for naught.
In the last 24 hours, the MVRV has dropped from its top to the aforementioned low. Simply said, compared to a week ago, this indicated that XRP HODLers haven’t been making much.
Until recently, XRP was lingering in positive territory on the price DAA divergence chart. Nonetheless, over the last 24 hours, the same has not only entered the negative zone, but has also surpassed the level of bearishness seen in the second half of May.
Mean Coin Age
Over the last few weeks, the average age of XRP tokens has been steadily increasing. The same was underlined by two major metrics: Mean Coin Age and Mean Dollar Invested Age.
However, as of late, the aforementioned pattern has begun to shift. Both of these curves have begun to defy the uptrend by moving lower. It may be argued that older tokens have begun to move as the average age of dollars invested in XRP becomes younger.
XRP has unquestionably carved out a place in the cross-border payment ecosystem. However, due to regulatory uncertainty, its adoption rate has recently slowed. Solana’s adoption, on the other hand, has recently been quite outstanding. In fact, institutional investors have shown a lot of interest in SOL.
Given the current condition of XRP’s on-chain metrics, it’s reasonable to believe that SOL has the ability to maintain its sixth place for a longer period of time. As a result, another significant shift can be predicted in the next days.