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Is XRP Gearing for a Breakout? – These Metrics Say Yes, Only If…
The recent surge in mid-term conviction and growing investor patience may signal a significant turning point for Ripple’s (XRP) price trajectory. On-chain metrics suggest that long-term holders are standing firm, while the MACD has flipped bullish. However, it is crucial to consider one critical aspect: trading volume.
Recent data suggests that XRP long-term and mid-term holders are growing, displaying strong conviction despite stagnated prices. A significant increase in addresses holding for 6-12 months from 6.3% to 19.1% in June marks a substantial shift towards more mature investors choosing to hold through volatility rather than sell. Furthermore, the percentage of addresses holding XRP between 3 and 6 months has also been rising, indicating a broader trend of HODLing.
This growth is further reinforced by the steady rise in Mean Coin Age (MCA), which measures how long tokens remain untouched. The upward trajectory signifies reduced selling pressure and increased investor patience, hinting at a strengthening base of supporters who are unwilling to sell their positions despite market fluctuations.
The accumulation trend, coupled with the growing conviction among investors, sets the stage for a potential breakout above $2.23 in the coming weeks. However, it is essential to consider the risk factor – trading volume has remained relatively subdued so far, leaving room for uncertainty around the impending breakthrough.
As of now, the MACD and RSI indicators are primed for an upward movement, but this momentum may stall if buying pressure does not increase. To confirm a breakout, XRP would need to attract significantly higher volumes to validate the rally, as market sentiment has not yet reached its tipping point.
It remains to be seen whether XRP can break through the resistance level and propel itself towards new highs or merely settle around current levels. If historical trends are anything to go by, it may be too early to predict a decisive outcome, but the data suggests that this could potentially be an inflection point for XRP’s long-term prospects.
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Source: ambcrypto.com
