XRP Nears Breakthrough After Struggles: Can XRP Breach $0.65?

• XRP has been observed to be approaching the end of a six-month Fibonacci Retracement to reach the $0.78 price level this quarter.  

• XRP’s Market Value to Realized Value (MVRV) indicates that long-term holders currently dominate the market, which signals a bullish outlook. 

Ripple’s XRP movement within a restricted range and struggle to break above the 78.6% Fibonacci Retracement since March is finally coming to an end as analysts drop an exciting build-up, which is confirmed by various market indicators. According to our analysis of the Market Value to Realized Value (MVRV), long-term holders are currently in profit, as its reading stands at 3.1%. 

Based on our analyst’s interpretation, this is a bullish signal as long-term holders keep their assets for a larger profit margin before exiting their positions. According to our checks, there are fewer short-term holders in the market, indicating that there are fewer risks of immediate selling pressure. Historically, less domination of short-term holders signals a negative outlook that comes from the frequency of exiting positions to take profits. 

Delving More Into Ripple’s XRP Price Analysis

Looking at the macro momentum, there are mixed reactions. The increase in realized indicator hints at a possible price drop that may come from the decision of investors to sell to secure gains. However, the long-term position of holders could also offset this impact. 

At press time, XRP was trading at $0.63 after surging by 7% in the last seven days. 

According to analysts, the trading price of XRP is fairly above the 61.8% Fibonacci retracement line at $0.59. Currently, XRP is approaching the $0.65 resistance level, which aligns with the 78.6% Fib line. Fascinatingly, this six-month resistance level could be the only barrier between the current price and the $0.78 price point.

If this bullish momentum continues, XRP could break above the $0.65 barrier this quarter (Q4 2024). However, failure to secure the immediate resistance level could cause the asset to fall to as low as $0.57. 

Other Analysts Join Discussion

Joining the XRP’s price analysis, an analyst identified as Raajeev Anand has hinted that XRP could break above its all-time high price to hit $4, and even reach $9.98 in a 646% and 1,535% respective run. According to this analyst, XRP has broken out of a symmetrical triangle as CNF highlighted in a recent post. Similar to this, another analyst known as Jaydee has observed that the Relative Strength Index (RSI) of XRP is breaking out of a 7-year trendline. 

#XRP – RSI is peeking above the 7-year trendline! If we close above next week, this will be the most BULLISH thing to happen in the last 7 years! Those who got REKT will DENY!🤣 Are we going to reject or confirm breakout?!
Retweet/Like, and I’ll post update next week on X! pic.twitter.com/S5FK41rigc— JD 🇵🇭 (@jaydee_757) September 28, 2024

On the same trend, crypto analyst Mikybull has also observed that XRP is in the early stage of breaking out of its shorter three-year triangle pattern formed in April 2021. According to him, XRP may likely hit between $10 and $20 in the current bullish cycle. 

$XRP might hit $10-$20 this cycle. The amount of bearish sentiment around this asset makes it possible to pull such returns. pic.twitter.com/BqPbynnwIY— Mikybull 🐂Crypto (@MikybullCrypto) September 28, 2024

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