Ripple (XRP) could see its price rise back to $0.58 after recently dropping below this mark. Currently trading at $0.53, XRP has declined by 4.81% over the past week but shows potential for recovery.
A key indicator backing this optimism is the liquidation heatmap, which signals high liquidity around the $0.58 level. This suggests significant buy pressure could drive the price upward. The MVRV Long/Short Difference metric also supports this view, indicating long-term holders are now in a favorable position.
The 4-hour chart reveals a falling wedge pattern, another bullish indicator. To confirm this trend, XRP needs to surpass strong resistance at $0.55, clearing the way to $0.58 based on Fibonacci levels.
However, large-scale selling by XRP whales, who recently purchased 50 million tokens, could stall or even reverse this positive movement, potentially lowering the price to $0.50.
