Recently, financial strategist and founder of Black Swan Capitalist, Versan Aljarrah, issued a warning to the XRP community, urging them to protect their crypto assets. The dumping wave at the beginning of October brought crypto assets back into focus, resulting in over $19 million being wiped out in liquidations.
Aljarrah believes that there is no doubt that self-custody is the foundation of survival at this stage. He emphasizes that in the Crypto Assets ecosystem, controlling assets is of utmost importance. When using a self-custody wallet, users have the private keys, thus having absolute control over their funds. In contrast, custodial wallets are different because a third party (typically a Crypto Assets exchange or custodial wallet service) holds the private keys, which means they control the funds stored within.
Aljarrah reminds holders to protect their XRP, saying: "If you don’t protect your XRP, you are handing your future over to others." He also added that he uses eight cold wallets, establishing multiple layers of security. Cold wallets can keep private keys offline, avoiding online threats, including forms such as paper wallets and hardware wallets.
It is worth mentioning that the market indicators for XRP show signs of an impending rebound. At this stage, XRP's trading price has increased by 1.64% in the past 24 hours, reaching $2.40. Meanwhile, the MVRV indicator shows that the average return for recent traders has dropped to -15.3%, entering negative territory, which suggests that there may be room for a rebound for XRP.
According to Santiment's on-chain analysis, the lower the MVRV indicator is below 0%, the more reason there is to "buy on dips". At the same time, Santiment also pointed out that a positive long-term signal is the continuous growth in the number of medium to large holders, which has recently reached an all-time high. As of the latest data, the number of XRP wallets has exceeded 317,500, with these wallets holding at least 10,000 coins, setting a historical record.
What do you think about the future trend of XRP? Feel free to share your views!