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Breaking Ripple (XRP) Price Breaks Above $0.60 – Are More Profits Ahead?

1 min
Updated by Ryan James
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In Brief

  • On Tuesday, October 31, Ripple's (XRP) price broke above the $0.60 mark for the first time since August 2023.
  • Technical analysis signals also provide vital insights that could guide the bullish price action toward the $0.65 range.
  • A critical on-chain indicator shows that most XRP long-term investors are looking to hold out for more gains rather than exit at the current prices.
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Ripple’s (XRP) price has broken above $0.60 on Tuesday, October 31. This marks the first time the milestone has been achieved since mid-August 2023. On-chain data trends show that the bulls are looking to hold out for more gains than exit at the current prices. 

After months of stagnation, XRP’s price has surpassed the $0.60 milestone resistance. Can the bulls push for more gains?

XRP Long-term Holders Pushing For More Gains 

XRP has attracted significant capital inflows from investors over the past week amid improved regulatory clarity and its recent partnership with Uphold cryptocurrency exchange

These bullish events culminated in the XRP price breaking above the vital $0.60 milestone on Tuesday, October 2023. However, on a more positive note, a vital on-chain metric currently indicates that XRP investors could hold out for more gains. 

Indicatively, XRP Mean Coin Age remains in an upward momentum, having recently hit a 5-month peak of 40.36 on October 28. 

Ripple (XRP) Mean Coin Age
Ripple (XRP) Mean Coin Age. Source: Santiment 

Concisely put, the Mean Coin Age metric tracks how long the coins in circulation have stayed unmoved in their current addresses.

Hence, this significant increase in XRP Mean Coin Age observed above is an indication that the majority of long-held coins currently remain unmoved despite the recent price increase. 

This signals a bullish disposition among XRP long-term investors. If they continue to HODL, the ongoing price rally could gain momentum to retest the $0.65 territory in the coming days.

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Ibrahim Ajibade
Ibrahim Ajibade Ademolawa is an experienced On-chain research analyst who began his career in Commercial Banking. He has worked with several Web3 startups and financial institutions —analyzing technical concepts and spectacular events that link the DeFi and TradFi worlds. He holds a Bachelors’ Degree in Economics and is currently pursuing an MSc. in Blockchain & Distributed Ledger Technologies.