Ripple (XRP) makes a striking comeback ! Following a period of stagnation, the token sees a spectacular surge. Is this bullish momentum the start of a sustained rally or just a flash in the pan ? Uncover the driving forces behind this surge and possible scenarios.
Despite the turbulence in the crypto market, the number of XRP holders continues to grow, now reaching nearly 6.64 million. This sustained growth reflects increasing investor confidence in this cryptocurrency. Indeed, the continuous accumulation of XRP by users demonstrates a long-term interest in this asset, often perceived as a sign of network strength.
Moreover, XRP’s Z-Score MVRV (Market Value to Realized Value), a key indicator for evaluating an asset’s valuation, hovers around 2.13. This means that XRP is not overvalued and its current price action is likely supported by a healthy dynamic of supply and demand. This favorable position reinforces the prospect of a sustainable bullish movement. The score has gradually increased, reflecting growing market confidence.
XRP has managed to break its long-term bearish trend, crossing the upper trendline of its descending wedge at $2.29. Currently, XRP is trading around $2.39. However, immediate resistance stands at $2.48. If bulls manage to break through this level, the next potential targets are at $2.60, $2.83, and even $3.13.
Nevertheless, traders must remain cautious, as any return below $2.26 could challenge this bullish momentum. A drop below $2.08 would even confirm a deeper retracement, plunging XRP into a consolidation phase. To establish itself sustainably, Ripple must imperatively maintain its price above $2.26 and transform $2.48 into support.
After months of sluggishness, XRP has finally managed to break its long-standing bearish trend. On-chain data, such as the increasing number of holders and a still favorable MVRV Z-Score, suggest new opportunities for this cryptocurrency. However, XRP still needs to overcome certain key resistance levels to confirm its bullish momentum sustainably. Savvy investors will closely monitor the evolution of this dynamic in the coming weeks.
Here’s a guide to buying this crypto on Bitmart :
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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