Analyst warns crypto community

Versan Aljarrah, financial strategist and founder of Black Swan Capitalist, has issued a warning to the XRP community and urged them to protect their crypto assets. Cryptocurrencies remain in the spotlight after a record drop in early October that wiped out more than $19 million in liquidations.

Aljara said self-control is not optional at this point, but rather is here to stay, noting that the cryptocurrency ecosystem is still all about managing assets. Self-custody wallets allow users to have full control over their funds since they own their private keys. This is not the case with custodial wallets. This means that a third party (cryptocurrency exchange or managed wallet service) is in control of your private keys and is in charge of the funds stored in your wallet.

The Black Swan Capitalist founder urged holders to protect their XRP, saying, “If you don’t protect your XRP, you’re putting your future in someone else’s hands,” adding that he personally uses eight cold wallets that span security layers.

Cold wallets keep your private keys offline and away from online threats. This includes paper wallets and hardware wallets.

Indicators show that XRP will rebound first

At the time of writing, XRP was up 1.64% in the past 24 hours to $2.40. The MVRV indicator shows major pain for crypto traders and indicates that an XRP rebound may be imminent.

According to on-chain analytics platform Santiment, XRP’s MVRV (average value to realized value) has entered negative range as the average return of traders over the past 30 days has fallen to -15.3%.

The further the MVRV indicator falls below 0%, Santiment said, the more justified it is to buy on the dip.

A positive long-term sign, according to Santiment, is that the number of medium to large stakeholders continues to grow, recently reaching an all-time high. For the first time in history, XRP has surpassed 317,500 wallets holding at least 10,000 coins.