This set of XRP can bring the price to $0.60.
The price of XRP is steadily recovering from the losses suffered at the end of September, which showed an 18% decrease in price. Currently trading at $0.55, the altcoin is close to returning to the old support level, which indicates that a new rally may begin.
As XRP tries to recover from recent losses, key levels could push the price towards the expected $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 continue to show confidence in the cryptocurrency, supporting its price despite recent market volatility. The market price to real value (MVRV) long/short differential has remained in positive territory for over a month, indicating that long holders are still profitable.
Negative values indicate that short-term owners are at a profit, which is weak because these investors are prone to selling. This resilience is crucial as it shows that LTHs are strong despite XRP's 18% decline at the end of September.
Read more: XRP ETF explained: what it is and how it works
From a broader perspective, XRP's macro momentum seems to be steadily building. The Relative Strength Index (RSI) has been rising over the past two weeks, and recently closed above the neutral 50 mark, indicating a bullish trend. This increase in the RSI shows that market participants are gaining confidence in XRP, which may provide the necessary strength to push the price higher.
As technical indicators improve, XRP may increase buying pressure, supporting a continued recovery. As long as XRP is able to maintain its position above key support levels, the current bullish momentum may continue to gain strength. This macro environment supports the possibility of a price rally in the near term.
XRP Price Prediction: Breaking Barriers
XRP is currently trading at $0.55 trying to break the 50% Fibonacci retracement line into a support level. This key level is important for XRP to rise, and breaking above will open the door to further gains. Traders see this level as a potential springboard for XRP's continued movement.
If XRP breaks the 61.8% Fibonacci retracement line that coincides with $0.59, it can easily rise above the $0.60 mark. This level has served as a barrier in recent weeks. However, strong bullish momentum may allow XRP to overcome this resistance and move higher.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, if XRP loses momentum before attempting to breach $0.59, it may face consolidation above $0.55. This will devalue the current bullish outlook and may delay any upward movement.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
