XRP Price Set for “Big Move,” Can Ripple Break its ATH?
During Friday’s U.S. trading session, the crypto market saw renewed buying interest as Bitcoin surged by 3%. XRP price also experienced a significant inflow, reinforcing its position above the critical $0.50 support level. With growing anticipation of a near-term XRP ETF launch, analysts suggest the coin could be poised for a substantial rally, potentially driving it toward a new all-time high.
According to the Santiment data, the 30-day MVRV (Market Cap to its Realized Cap Ratio) recently plunged to -7-10% region. This negative value indicates that short-term traders witness loss on their XRP purchase and are susceptible to panic selling.
Their exit often attracts long-term holders and raises the asset price, as has been repeatedly observed throughout 2024. Historical data shows previous dips have mainly led to a rally to the $0.62 mark.
Over the past two weeks, the XRP price has showcased multiple short-body candles hovering above $0.5 support. The consolidation with long-wick on either side indicates a lack of dominance from bulls or bears to lead this asset.
Despite the XRP ETF filling by Canary Capital and Bitwise, the crypto buyers failed to drive a sustainable rebound, indicating a higher risk for a prolonged correction. Should the XRP price drop below the $0.50 mark, sellers could drive the asset down by 15% to $0.45, with the following support likely found at $0.40.
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