On-chain data shows that many old coins have moved on the XRP network recently, a sign that proved to be bearish for the coin last time.
XRP Age Consumed Metric Has Registered A Large Spike
According to data from the on-chain analytics firm Santiment, XRP has just observed a large movement of dormant coins similar to what the asset witnessed last month.
The indicator of interest here is the “Age Consumed,” which shows “the amount of tokens changing addresses on a certain date, multiplied by the time since they last moved,” as per Santiment’s definition.
When this metric has a high value, it means that a large number of coins previously dormant have finally been moved to the blockchain. Old coins are generally less likely to become involved in selling, as they belong to the more resolute hands in the market. As such, any large movements of these coins can be worth noting since it’s not an event that happens too often.
The below chart shows the trend in this indi
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