Key XRP Investors Could Spark Rally to $0.60 – Here’s Why

By admin On Окт 17, 2024

XRP price has been steadily recovering from its late September losses, which saw an 18% decline in price. Currently trading at $0.55, the altcoin is close to reclaiming an old support level, signaling the potential start of a new rally.

As XRP attempts to reverse recent losses, key levels could push the price toward the much-anticipated $0.60 mark. Support from long-term holders and improved market conditions indicate that XRP may be on the verge of another breakout.

Long-Term Holders Support XRP

Long-term holders (LTHs) of XRP have continued to show confidence in the cryptocurrency, supporting its price despite recent market volatility. The Market Value to Realized Value (MVRV) Long/Short Difference has remained in positive territory for over a month, indicating that long-term holders are still in profit.

Negative values indicate short-term holders are in profit, which is bearish as these investors are prone to selling. This resilience is crucial as it demonstrates that LTHs are holding strong, even as XRP faced an 18% decline in late September.

XRP MVRV long/Short Difference. Source: Santiment

From a broader perspective, XRP’s macro momentum appears to be building steadily. The Relative Strength Index (RSI) has been climbing over the past two weeks, and it recently closed above the neutral 50 mark, indicating a shift toward bullish momentum. This rise in the RSI suggests that market participants are regaining confidence in XRP, potentially providing the necessary strength to propel the price higher.

As technical indicators improve, XRP could experience increased buying pressure, which would support the ongoing recovery. The current bullish momentum may continue to gain strength as long as XRP can maintain its position above key support levels. This macro environment supports the possibility of a price rally in the near future.

XRP RSI. Source: TradingView

XRP Price Prediction: Breaching Barriers

XRP is currently trading at $0.55, attempting to flip the 50% Fibonacci retracement line into a support level. This key level is essential for XRP to push higher, and breaking above it would open the door for further gains. Traders are closely watching this level as a potential springboard for XRP’s next move.

If XRP can breach the 61.8% Fibonacci retracement line, which coincides with $0.59, it could easily rise beyond the $0.60 mark. This level has acted as a barrier in recent weeks. However, strong bullish momentum could finally allow XRP to overcome this resistance and push higher.

XRP Price Analysis. Source: TradingView

On the other hand, if XRP loses its momentum before attempting to breach $0.59, it may face consolidation above $0.55. This would invalidate the current bullish outlook and could delay any upward movement.

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