XRP has been making attempts to break through a potentially bearish pattern, which, if successfully navigated, could set the stage for a new all-time high (ATH).
While the pattern is generally considered bearish, it presents an opportunity for recovery. The recovery will rely on long-term holders (LTHs) actively supporting the altcoin.
XRP Holders To The Rescue
The Mean Coin Age (MCA) is showing an uptick, signaling that long-term holders (LTHs) are holding their positions rather than liquidating them. This behavior indicates optimism among the LTHs, as they believe in the future potential of XRP. Their support is crucial for any potential price recovery, as these investors are often considered the backbone of any cryptocurrency.
As the LTHs continue to hold onto their positions, it suggests that they are confident in XRP’s prospects, potentially positioning the cryptocurrency for a price rise. The confidence of these long-term holders could help push XRP towards a new ATH should they continue to support the price through this phase.
The broader macro momentum of XRP is currently exhibiting bullish signs, driven by the Ichimoku Cloud. The candlesticks are trading above the cloud, which is typically a strong indicator of bullish sentiment. If this trend continues, it could provide further support for XRP’s price, pushing it toward the next key resistance levels and increasing the likelihood of a significant rally.
For now, the Ichimoku Cloud indicates that XRP is on a positive trajectory. If the altcoin maintains this bullish trend, it could pave the way for future price increases. This supports the idea that XRP is primed for a possible breakout and the formation of a new ATH.
XRP Price Prediction: Finding A Way Up
XRP is currently trading at $2.67 and is aiming to secure the $2.70 level as a support base. This would allow the altcoin to continue its uptrend and validate the broadening ascending wedge pattern. While the pattern is traditionally bearish, XRP still has significant room to rise before any major correction takes place.
If XRP successfully holds the $2.70 support, it could move past the current resistance at $3.40, which is the existing ATH. This would signal the formation of a new high for the altcoin.
However, to ensure this rally continues, XRP must first secure $2.95 as support. This is likely given the current market sentiment and technical indicators.
Should XRP fail to maintain $2.70 as support, it risks falling back to $2.33, invalidating the bullish thesis. Such a decline would also break it out of the current pattern. This could delay any recovery and push the formation of a new ATH further into the future.
Disclaimer
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