XRP’s price has been battling resistance since early March, unable to break above the 78.6% Fibonacci Retracement line. Despite repeated attempts, the altcoin remains in a bearish zone.
Recent shifts in market sentiment, however, have provided some hope. Growing optimism among long-term holders could potentially lead to a price rise, ending XRP’s prolonged struggle.
The MVRV Long/Short Difference indicator signals that long-term holders are in profit at 3.1%. This bullish indicator implies less risk of immediate selling pressure and a better chance for XRP to rally.
Conversely, negative values for short-term holders indicate bearishness, as they tend to sell quickly for profits. While long-term holders provide stability, these mixed signals may limit XRP’s ability to sustain a breakout.
Realized Profit indicators have spiked, hinting at selling to secure gains, which could put downward pressure on XRP’s price. Despite this, long-term holders may still offer market balance, although short-term bearish signals from profit-taking investors might limit the upside potential.
Currently priced at $0.62, XRP is struggling to breach the $0.65 barrier, aligning with the 78.6% Fib line. The resistance at this level has kept XRP subdued, making it crucial for upward momentum.
With broader market cues remaining positive, XRP might break past the 78.6% barrier in Q4 2024. Failure to do so could lead to consolidation below $0.65, potentially invalidating the bullish outlook.
