Ripple (XRP) Price Analysis: Bearish Momentum Hinders Breakout
Ripple (XRP) price has struggled to surpass the $0.55 resistance level, remaining below $0.55 since the August 17 crypto market downturn. The prevailing bearish sentiment across the crypto market has hindered XRP’s breakout. Despite this, on-chain indicators show that XRP network activity has remained steady.
Main Breakdowns:
- The bearish sentiment in the crypto market is preventing XRP’s price breakout.
- The Network Value to Transaction Volume (NVT) ratio has increased, indicating a growth in underlying economic activity relative to the price downtrend.
- Long-term investors are holding onto their XRP, indicated by the increase in XRP Mean Coin Age.
- If transactional activity intensifies and long-term investors continue to hold, XRP price could see a 20% upswing.
- XRP investors could face significant resistance at the $0.60 territory if they close their positions before breaking even.
Hot Take: The current bearish momentum is holding back XRP’s price breakout, but steady network activity and long-term investors holding onto their XRP could lead to significant gains in the future. However, selling pressure could increase if the price drops below $0.45, potentially reversing XRP below $0.40.
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