XRP Within 10% of All-Time High as Bulls Eye $3.40
XRP has been consolidating for the past two weeks, stalling its attempt to set a new all-time high. Despite remaining above a critical support level, the altcoin lacks the momentum for a breakout, which could change if investor behavior shifts.
Transaction volume for XRP has been predominantly loss-driven. With a new all-time high remaining out of reach, investors are beginning to move their holdings, resulting in significant losses and dampened market confidence over the last fortnight.
Continued patterns could lead traders to withdraw, decreasing transaction activity. Such a decline in on-chain engagement may negatively impact XRP's price, presenting risks of prolonged consolidation or potential dips below key support thresholds.
The MVRV (Market Value to Realized Value) Long/Short Difference shows that long-term holders (LTHs) still profit from recent price movements. LTHs have not sold off, displaying resilience against short-term volatility and underpinning market stability. If LTHs hold their positions, XRP's price may avoid sharp corrections, reflecting confidence in its long-term potential. As long as market conditions remain favorable, XRP is poised to continue its upward trend.
XRP is in a minor uptrend after recovering from the $2.95 support level. Briefly dipping below during an intraday low, it swiftly returned above the trend line, reinforcing its bullish stance.
The cryptocurrency is now less than 10% away from establishing a new all-time high over $3.40. If the uptrend persists and LTHs maintain their positions, this resistance could be breached, setting a new price milestone soon. However, if XRP revisits $2.95 and fails to sustain this support, further price declines are possible. Falling below this point would heighten bearish pressure, possibly pushing XRP down to $2.73 or lower, challenging the bullish outlook.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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