earlier reported XRP having a negative average MVRV level since late June, as per Santiment data. This key metric was last in positive territory in mid-December, according to the on-chain analytics firm, making XRP a strong candidate for a price increase to provide traders with some comfort.
The cryptocurrency market is posting a recovery alongside traditional markets. At press time, the majority of altcoins were adding value, generally posting gains above 3%. The total valuation of the entire cryptocurrency market has also risen to near the $2 trillion mark as digital assets recovered. Aside from the tailwind from larger markets, XRP bulls appear to have a few more factors working in their favor, driving the price surge.
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