XRP Price Holds Ground Despite Huge Correction: Is a 20% Breakout Possible?

XRP price has maintained its position around the $0.52 mark, a pivotal support/resistance level, even in the face of a substantial 53 percent correction over the past few weeks. In the preceding week, the value of XRP lingered at 52 cents, residing below the daily 50 MA while staying above the 200 daily Moving Average. The landscape for XRP seemed to have gained some clarity in the prior month, courtesy of a summary judgment. However, this newfound clarity is entwined with a veil of uncertainty stemming from the pending SEC appeal and a trial earmarked for the first half of 2024.

These movements, while telling, reflect a landscape of mixed signals that have left investors skeptical.

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XRP Price Outlook

According to a popular crypto investor, Austin Hilton, XRP price is undeniably preparing for a 20 percent breakout in the near term based on several indicators and fundamental factors. Notably, Hilton based his argument on a Tradingview indicator on momentum up and down on the daily timeframe that highlights when to buy and take profits. Currently, the X1Algo indicator shows a momentum down after last month’s significant breakout.

As a result, Hilton noted that XRP investors should monitor the indicator for a momentum-up signal on the daily timeframe.

Supply-Demand Dynamics

As a top traded digital asset around the world, XRP price is undeniably more affected by the demand and supply ratio than the speculative aspect alone. According to on-chain data provided by Santiment, the XRP Mean Coin Age had dipped toward 34.33 but has since rebounded to 38.30, representing over a 10 percent increase.

The Mean Coin Age data is a critical measure of the overall sentiment among long-term investors. The figures are derived from estimating the average number of days coins in circulation have been unmoved from their current wallet addresses. 

Also Read: Top Reasons Why XRP is About to Become Way Bigger Than Everyone Thinks