XRP Price Prediction: Ripple Tiptoes To $0.6 Amid Fading Overhead Pressure
- XRP price V-shaped recovery could soon hit $0.65 as long as support at $0.6 is reclaimed.
- The RSI highlights the bulls’ aggressive approach following the dip to $0.52.
Ripple is back in the firm hands of the bulls, who are focused on regaining the lost ground this week and perhaps erasing the losses incurred since the beginning of July. Support at $0.52 played a crucial role in ensuring that calls for another drop to $0.45 were averted completely.
The international money transfer token has already recovered significant ground to the extent of stepping above $0.6. However, XRP is exchanging hands at $0.59 as buyers battle the immediate barrier brought about by the 100 Simple Moving Average (SMA) on the four-hour chart.
How Formidable Is XRP Price Recovery To $0.65%
Following support at $0.52, Ripple assumed a V-shaped recovery. This pattern is highly bullish and comes into the picture when the asset experience a lengthy price drop. Often oversold conditions allow bulls to take control. Investors also rush to fill their bags, speculating the price rallying promptly.
Consequently, Ripple price will likely extend the bullish leg to $0.65 before meeting a significant barrier. It is worth mentioning that the uptrend has slowed down at $0.6, perhaps due to the selling pressure at the 100 SMA. Nonetheless, if broken, XRP will gain ground toward $0.65, a move that could see more buyers triggered for gains eyeing levels above $0.7.
XRP/USD four-hour chart
The Relative Strength Index (RSI) follows the trend of an asset and calculates its momentum moved from the oversold region to above the midline. Such a colossal rebound infers that bulls are aggressively in control. If the RSI closes the gap to the overbought area, Ripple will be pushed further up. Note that a four-hour close above the 100 SMA will affirm the bulls’ position in the market.
According to Santiment, On-chain activity on the XRP Ledger has surged in the last couple of days. This means that more users are interacting on the network, pushing the level of speculation up.
The active addresses metric shows the number of addresses interacting on the XRP Ledger daily. A spike in the network activity is often a bullish signal, leading to a sustained uptrend. Therefore, if the rise remains steady, bulls will gain the momentum for an upswing to $0.65 and $0.7.
Ripple Active Addresses Spike
Simultaneously, the market value realized value (MVRV) confirms that Ripple is still in the buy zone. According to Santiment, this metric tracks the number of XRP tokens moved in the last 30 days compared to the price at which these tokens moved last.
Ripple MVRV Ratio In The Buy Zone
An MVRV ratio of around one or below zero shows that most holders are at a loss. Therefore, they are unlikely to sell until the price significantly recovers. At the moment, Ripple’s ratio holds at 0.7, affirming the buy zone position.