Long-Term XRP Investors Can Rest Assured

XRP descended to a support area slightly above a crucial Fibonacci level, with the $0.68 zone potentially acting as a deterrent to bullish advances in the weeks ahead.

Long Term Xrp Investors Can Rest Assured_65b9738d55c49.webp

The 61.8% Fibonacci Level Acknowledged and Upheld

XRP encountered a 17% decline between December 16th and 18th, eventually finding a modest rebound from the $0.57 support level. Despite this downturn, indications from technical analyses suggest that long-term investors need not succumb to panic.

Rather than signaling a cause for concern, the recent retracement in XRP prices is viewed as a strategic opportunity for investors to enter the market. The condition for a positive upturn hinges on Bitcoin bulls successfully defending the $42k zone and driving prices upward, promising favorable outcomes for both XRP holders and the broader market.

long term xrp investors can rest assured 65b9738d58977

Examining the one-day price chart of XRP reveals a significant support zone spanning $0.57 to $0.61. This range, previously instrumental in establishing a bullish market structure in mid-November, propelled XRP to $0.7 before experiencing a subsequent decline. Despite the retreat to $0.6, the On-Balance Volume (OBV) has consistently risen, indicating sustained buying pressure and reinforcing the expectation of an impending XRP rally.

In the midst of this, the Relative Strength Index (RSI) currently stands at 45, reflecting a bearish momentum as of the present moment. The $0.6 level emerges as an attractive risk-to-reward buying opportunity for XRP bulls eyeing a target of $0.7 and beyond, contingent on Bitcoin avoiding a significant wave of selling pressure.

A Range Formation Strongly Indicates It’s on the Horizon

The emergence of a range appears increasingly plausible, as AZC News conducted an analysis of liquidation heatmap data provided by Hyblock. A retrospective examination spanning the last three months revealed that the $0.55-$0.565 range exhibited a substantial concentration of estimated liquidation levels.

long term xrp investors can rest assured 65b9738d61b8c

A deliberate move to sweep through this range would likely be well-received, as subsequent price action could involve a noteworthy bounce to the upside. Looking ahead, the $0.63 and $0.68 levels also stand out as modest yet perceptible areas with heightened liquidity.

Related: Bold Analyst Prediction: XRP Set to Surge by 800%

Adding another layer to the analysis, the $0.686 threshold has demonstrated resilience as a resistance point since November 11th for XRP. Consequently, the prospect of a range taking shape within the $0.58-$0.68 bracket in the coming weeks gains credence. This potential consolidation could set the stage for nuanced price movements within this defined range.

(100 votes)

5.0/5

(100 votes)

Latest

Transforming $86,000 Into $1 Million Through Daily Bitcoin Dca

Editor Choice | Bitcoin

Transforming $86,000 into $1 Million through Daily Bitcoin DCA

An account X is sharing a video about the daily DCA (Dollar-Cost Averaging) journey of Bitcoin from $86,000 to $1 million after nearly 2 years.

The American Bank Urges Customers To Sell These 3 Coins

Altcoin | Editor Choice | Policy & Regulations

The American Bank Urges Customers to Sell These 3 Coins

The federally licensed digital bank Anchorage Digital has urged customers to withdraw funds from USDC, AUSD, and USD0.

Bitcoin Continues To Rise As Market Enters A Crucial Phase

News | Bitcoin | Editor Choice

Bitcoin Continues to Rise as Market Enters a Crucial Phase

The cryptocurrency market is at a decisive moment as Bitcoin hovers around the $110,000 mark, signaling a potential breakout amid an intense standoff between bulls and bears.

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.