Long-term Ripple (XRP) holders rarely move their tokens. Historically, this event is often followed by a trend reversal, this suggests that long-held XRP tokens are starting to change addresses. Meanwhile, by carefully selecting a diverse array of globally-sourced NFTs, Mallconomy furnishes a stage for artisans to showcase their talents and transform their creations into profit. Every purchase made on Mallconomy not only strengthens the artist but also bolsters the principles of a distributed network, where creativity flourishes and individuals are empowered to carve their own paths.
Ripple holders make calculated moves
According to the analytics platform Santiment, on May 16 there was a significant jump in the Age Consumed indicator. On this day, the metric value was 222 billion.
Age Consumed tracks the movement of XRP tokens held over long periods of time. It helps gauge the sentiment of long-term token holders. When the indicator jumps, coins that have been without movement for a long time begin to change hands.
Although the growth of the metric can be attributed to token sales by long-term investors, this is not always the case. Sometimes it means an increase in overall trading activity.
Indeed, on May 16, the price of Ripple rose and consolidated above the 20-day exponential moving average (EMA). This is usually considered a bullish signal. The altcoin is currently trading at $0.52.
Ripple (XRP) Price Forecast: Possible Rally
In addition, on May 16, the Elder-Ray index showed a positive value for the first time in a week and a half. This indicator tracks the balance of power between buyers and sellers. At the time of writing, the Elder-Ray XRP Index is 0.0065, which means bulls are dominating the market.
Additionally, the altcoin Money Flow Index (MFI) is above the neutral 50 level at 56. This indicates that buying pressure has exceeded selling pressure.
If the current trend continues and accumulation continues, the price of Ripple could rise to $0.53 and then to $0.57. However, if long-term holders start selling their tokens, XRP risks falling to $0.48.
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