Ripple’s XRP Price Breaks Above $0.60 as Bulls Aim for More Gains
Ripple’s XRP has achieved a significant milestone, breaking above the $0.60 resistance level for the first time since mid-August 2023. This surge in price indicates that the bulls are not looking to exit but rather push for further gains.
XRP Long-term Holders Remain Optimistic
XRP has seen an influx of capital from investors due to improved regulatory clarity and its recent partnership with Uphold cryptocurrency exchange. These positive developments have contributed to the price breaking above $0.60. Moreover, on-chain data suggests that long-term XRP holders are optimistic about future gains.
The Mean Coin Age metric, which measures the duration that coins have remained unmoved in their current addresses, has reached a five-month peak of 40.36 on October 28. This indicates that a significant portion of long-held XRP coins has not been sold despite the price increase.
This indicates a bullish sentiment among long-term XRP investors. If these holders continue to hold onto their coins, the ongoing price rally could gain momentum and potentially reach the $0.65 territory in the near future.
Hot Take: XRP’s Breakout Signals Renewed Optimism
Ripple’s XRP has broken above the $0.60 milestone, signaling renewed optimism among investors. The recent surge in price can be attributed to improved regulatory clarity and a partnership with Uphold cryptocurrency exchange. Additionally, on-chain data reveals that long-term XRP holders are holding onto their coins despite the price increase. This suggests that they believe there is further room for gains in the future. With this bullish sentiment, it is possible that the price rally will continue and potentially test the $0.65 level in the coming days.
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