XRP’s price has faced a struggle to recover in recent weeks, with broader market conditions remaining bearish. Despite these challenges, XRP has managed to hold steady above the $2 mark.
This stability is largely driven by long-term holders (LTHs), who are working to prevent the price from falling below this key level.
XRP Investors Capitalize On Low Prices
The Liveliness metric, which tracks the frequency of transactions, has been on a steady decline since February. This suggests that fewer tokens are changing hands, a sign that long-term holders are accumulating more XRP at lower prices.
This trend could be a positive indicator, showing that these investors believe in the future potential of XRP and are positioning themselves for long-term gains. Despite the accumulation of LTHs, market sentiment remains mixed due to the broader bearish environment.
From a technical perspective, the Relative Strength Index (RSI) for XRP has been stuck in the bearish zone for the past two months. While it has occasionally spiked above the neutral line at 50, it has largely remained below, signaling a lack of bullish momentum. This persistent bearish trend has countered the efforts of long-term holders to push the price up.
The RSI’s failure to maintain upward momentum suggests that XRP is still struggling to gain traction. This is exacerbated by the overall bearish market conditions, which have kept investor sentiment subdued.
XRP Price Is Holding
At the time of writing, XRP is trading at $2.08, holding above the support level of $2.02. This indicates that the altcoin is stabilizing despite the recent dip. The support from long-term holders appears to be keeping the price afloat, preventing a further decline.
However, the mixed signals from both technical indicators and market sentiment suggest that XRP is likely to hover under the $2.16 resistance until stronger bullish cues emerge. This range-bound price action could persist, leaving investors uncertain about the next major move.
If XRP fails to hold the $2.02 support, the altcoin could fall to $1.94, or potentially even as low as $1.79. A drop below these levels would invalidate the current bullish outlook and could extend the losses for investors, signaling further market weakness.
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