XRP has been fighting to break past a key resistance level since March. The cryptocurrency has repeatedly faced strong opposition at the 78.6% Fibonacci retracement line, keeping its price in a bearish zone. Despite multiple attempts, XRP has struggled to stay above this level.Â
Now, a shift in market sentiment offers a bit of hope. Long-term holders are feeling more optimistic, which could help drive XRP’s price up. This renewed confidence could finally put an end to the altcoin’s prolonged price battle, bringing potential gains for key investors.Â
Mixed Market Signals for XRPÂ
XRP’s market signals are sending mixed messages. On the one hand, the Market Value to Realized Value (MVRV) indicator sits at 3.1%, meaning long-term holders are currently in profit. This is a positive sign since these holders tend to wait for bigger gains before selling. With fewer short-term traders in the market, the risk of sudden price drops has decreased, improving XRP’s chances of rallying.Â
On the other hand, short-term profit-taking could limit any potential gains. While some investors have sold to lock in profits, long-term holders seem to be holding steady, offering some stability for XRP’s price.Â
XRP Price Prediction: Eyeing a BreakoutÂ
XRP is currently trading at $0.62, holding above a crucial support level at $0.59. The altcoin is now trying to break through the $0.65 resistance, a level tied to the 78.6% Fibonacci line. This resistance has kept XRP down for six months, and breaking it is crucial for upward movement.Â
Although the market shows mixed signals, broader positive market trends could push XRP past the $0.65 barrier before the end of 2024. Failing to do so may lead to price consolidation, which could dampen the bullish outlook for the token. Traders remain cautious as they watch how XRP navigates this critical moment.Â
