Despite the recent decline in the altcoin market, Ripple Bulls (XRP) held firm, maintaining the price support level at $0.44. This week, the price of XRP was dominated by an uptrend in prices, with no alarming fall for the Ripple ecosystem. After the decline of the last few hours, is XRP ready for a rise to $0.60?
The price of Ripple (XRP) has remained above $0.40 for 30 consecutive crypto trading days. Long-term holders do not falter while whales continue to buy down. As a result, could XRP experience a new bullish momentum in May?
Long-term holders adopt the diamond hands strategy.
According to on-chain data, long-term investors in XRP are increasingly optimistic about the prospect of crypto trading. The chart below shows that the average of XRP coins has increased significantly this month.
Since the last decline at the end of March, it has risen steadily from 1,301 to 1,325 as of April 25, 2023.
The average age of coins evaluates the average holding time of all coins in circulation since their last transaction. An increase in the coins’ average appears as a bullish signal suggesting a longer wait from investors. Thus, it is likely that some will decide to sell their cryptos at current prices.
It generally indicates that permanent holders remain confident about the future prices of the XRP price despite the recent downward trend. Therefore, Ripple could offer good returns in the coming weeks if long-term investors maintain their positions and whales continue buying XRP.
XRP whales continue to buy down
Within the Ripple ecosystem, the wave of accumulation of XRP whales also shows that bulls are leading the way. The chart below confirms that the group of whales that have between 1 and 10 million units of coins do not stop buying XRP cryptocurrencies on the decline since last week.
The yellow line indicates that whales increased the accumulation around April 18, 2023. Since then, 50 million coins worth nearly $23.5 million have been added to the current value of the XRP price at $0.477.
These whales’ recent buying and selling patterns are linked to XRP price movements. If this accumulation momentum continues, investors’ opinions on XRP should remain positive for quite some time.
Meanwhile, the asset support levels are $0.3075, $0.3624, and $0.4107, while resistance levels are around $0.553. Ripple (XRP) is therefore trading below the resistance level. If the bullish pressure continues, crypto will be able to break this level of resistance.
XRP price predictions: a rise of more than $ 0.60 is possible?
Over the past week, bullish holders of XRP have managed to hold the support at $0.45. Based on Sentiment data (market value vs. MVRV realized value), a bullish rebound could appear in near-term forecasts.
Indeed, many for XRP who bought over the past month avoided estimated losses of 5%. Analysis of historical data suggests that it is unlikely that this type of investor will decide to sell until before the price recovery to about an additional 11%, or more than $0.53.
If XRP manages to break through this resistance level of $0.53, it could form a prolonged rally towards more than $0.60 before the start of the bears’ consolidation.
On the other hand, bears could reverse the situation if the price of XRP falls below $0.44. However, investors will likely guarantee bullish support to this zone to keep their loss position below 10%. Otherwise, the price of XRP would be in bad shape, with more significant declines up to the critical support at $0.38.
