XRP Remains Undervalued as Market Awaits Trigger for Reversal

Ripple's XRP token has been experiencing a subdued recovery in the crypto market, trading near $1.48 as of Friday. The token's price has maintained its support level following Thursday's selloff, with some analysts suggesting that it may have bottomed out.

According to Glassnode's Market Value Realized Value (MVRV) Z-Score metric, XRP is currently undervalued relative to its 'fair value.' This suggests that the token may be due for a price increase in the near term. However, institutional demand remains poor, with faltering demand for spot Exchange-Traded Funds (ETFs).

The XRP/USD 4-hour chart shows that the token has been consolidating in recent weeks, failing to surpass the $1.51 resistance level. The Relative Strength Index (RSI) is currently around 54, indicating a neutral tone in the market. If the market continues its recovery, the bulls would encounter immediate resistance at the 100-day EMA around $1.49 and the downward resistance trendline near $1.50.