XRP Hovers Around $0.5 Level: Can Ripple Recover?
- XRP trades at $0.55, aiming to reclaim old support level.
- Long-term holders show confidence with positive MVRV Long/Short Difference.
- Price targets: potential rise above $0.60 if $0.59 resistance breached, or consolidation above $0.55 if momentum wanes.
XRP finds itself at a critical juncture as it steadily recovers from its late September downturn, which saw an 18% price decline. Currently trading at $0.55, the altcoin is on the cusp of reclaiming a previously established support level, potentially signaling the onset of a new bullish phase.
This recovery, bolstered by long-term holder support and improving market conditions, sets the stage for a possible push towards the eagerly anticipated $0.60 mark.
Long-term holders (LTHs) have demonstrated unwavering confidence in XRP, as evidenced by the Market Value to Realized Value (MVRV) Long/Short Difference.
This metric has remained positive for over a month, indicating that LTHs are maintaining profitability despite recent market turbulence. The persistence of positive values in this indicator suggests a strong foundation of investor support, crucial for sustaining XRPs recovery momentum.
XRP momentum gathers strength
From a macro perspective, Ripples momentum appears to be gathering strength. The Relative Strength Index (RSI) has shown a consistent upward trend over the past two weeks, recently closing above the neutral 50 threshold.
This shift in the RSI signals growing bullish sentiment among market participants, potentially providing the necessary impetus for further price appreciation.
As XRP approaches key technical levels, traders are closely monitoring its ability to flip the 50% Fibonacci retracement line into support. A successful breach of this level could pave the way for more substantial gains.
Furthermore, if XRP can surmount the 61.8% Fibonacci retracement at $0.59, it could catalyze a move beyond the psychologically significant $0.60 mark, a level that has served as formidable resistance in recent weeks.
Should XRPs momentum falter before challenging the $0.59 resistance, it may enter a period of consolidation above $0.55. Such a scenario would invalidate the current bullish outlook and potentially delay further upward movement.
Read more: https://thenewscrypto.com/xrp-hovers-around-0-5-level-can-ripple-recover/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
