XRP Trades at $0.55, Eyeing Recovery of Key Support Level**
Long-term holders remain optimistic, reflected in a positive MVRV Long/Short Difference.
Price outlook: A potential rise above $0.60 if $0.59 resistance is overcome, or consolidation above $0.55 if momentum weakens.
XRP is at a pivotal point as it gradually recovers from its late September slump, during which it saw an 18% decline. Currently priced at $0.55, the altcoin is on the verge of reclaiming a previously established support level, signaling a possible new bullish phase.
This rebound, supported by long-term holder confidence and improving market conditions, suggests a potential move toward the $0.60 level.
Long-term holders (LTHs) have shown steady confidence in XRP, as demonstrated by the Market Value to Realized Value (MVRV) Long/Short Difference metric. This indicator has stayed positive for over a month, suggesting that LTHs remain profitable despite recent market fluctuations. The persistence of this positive trend indicates a solid base of investor support, crucial for maintaining XRP’s recovery.
XRP Gains Momentum:
From a broader perspective, Ripple’s momentum seems to be strengthening. The Relative Strength Index (RSI) has been trending upwards over the last two weeks, recently closing above the neutral 50 mark. This improvement signals growing bullish sentiment, which could drive further price increases.
As XRP nears key technical thresholds, traders are watching its ability to turn the 50% Fibonacci retracement line into a support level. A successful breach of this line could set the stage for more significant gains.
Moreover, if XRP manages to surpass the 61.8% Fibonacci retracement level at $0.59, it could trigger a move past the critical $0.60 mark, a resistance level that has proven challenging in recent weeks.
If XRP’s upward momentum stalls before it can break the $0.59 resistance, it might enter a phase of consolidation above $0.55. Such a scenario would negate the current bullish outlook and could delay further price advances.
