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Financial strategist and founder of Black Swan Capitalist, Versan Aljarrah, has a warning for the XRP community, urging them to protect their crypto assets. Crypto remains in the spotlight following a record sell-off earlier in October, which resulted in over $19 million wiped out in liquidations.
According to Aljarrah, self-custody at this point in time is not optional but rather survival, noting that in the crypto ecosystem, control over assets remains everything. In a self-custody wallet, the user has possession of the private keys and thus total control over the funds. This is not so for custodial wallets, as a third party (a cryptocurrency exchange or a managed wallet service) has control of the private keys, implying they are in control of the funds stored in the wallet.
The Black Swan Capitalist founder asks holders to protect their XRP, saying "If you’re not protecting your XRP, you’re leaving your future in someone else’s hands," adding that he personally uses eight cold wallets spread across layers of security.
Cold wallets keep your private keys offline and out of reach of online threats and include paper and hardware wallets.
Indicator signals XRP rebound ahead
At the time of writing, XRP was trading up 1.64% in the last 24 hours to $2.40. The MVRV metric, which indicates big pain from crypto traders, signals that an XRP rebound might be imminent.
According to on-chain analytics platform Santiment, XRP's MVRV (mean value to realized value) has entered into negative range as average trader returns in the last 30 days fell to -15.3%.
The further below 0% the MVRV indicator goes, the more justification there is to buy the dip, Santiment stated.
A good long-term sign, according to Santiment, is that the number of mid to large stakeholders continues to grow, recently reaching an all-time high. XRP surpassed 317,500 wallets holding at least 10,000 coins for the first time in history.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team