Ripple (XRP) Price Regains 22% Losses From July, Aiming for 4-Month High
08/21/2024 17:00
XRP's price has returned to consolidation and may remain in this phase after nearly recovering the losses from July.
The Ripple (XRP) price is back above a key resistance level that is known to keep the altcoin consolidated and prevent major corrections.
This fills investors with optimism for further recovery, playing in accordance with the investors’ behavior.
Ripple Investors See Hope
XRP price is and could continue to benefit from investors’ positive behavior. The altcoin’s Relative Strength Index (RSI) has established itself firmly in the bullish zone, remaining above the neutral line. This positioning indicates a strong and active buying momentum within the market, suggesting that traders are confident in XRP’s current performance.
The RSI’s movement into the bullish zone is a positive signal for investors, as it often precedes continued upward price action. This trend reflects growing optimism among market participants, who could accumulate XRP in anticipation of future gains.
Read more: XRP ETF Explained: What It Is and How It Works
In addition to the bullish RSI, XRP’s Mean Coin Age (MCA) has shown a consistent incline, even in the face of recent market corrections. The rising MCA suggests that long-term holders are maintaining their positions, demonstrating a strong conviction in the asset’s potential.
This conviction among XRP holders has played a crucial role in aiding the recovery. Despite short-term fluctuations, the steady increase in MCA highlights investors’ confidence in XRP’s long-term value, reinforcing its resilience in the market.
XRP Price Prediction: Up or Right
XRP price is trading at $0.59, above the crucial support level of $0.58, which coincides with the 38.2% Fibonacci Retracement line. In the past, this support floor has prevented the altcoin from noting significant losses.
A similar outcome is expected going forward, with the support level forming consolidation along with the resistance of $0.63, which marks a four-month high. Unless the buying momentum pushes the price upwards, it would be safe to assume that sideways movement is likely.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, if the business is not substantial, the altcoin could fall through the support of $0.58. This would invalidate the bullish thesis, resulting in a drawdown in XRP price.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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