Ripple’s XRP exhibits a rare uptick pattern in Mean Coin Age, signaling a weakening of selling pressure and prompting speculation of a potential surge to $0.70.
Key Takeaways
- Ripple’s XRP consolidates around $0.60 following a rejection from $0.62, showcasing resilience despite market fluctuations.
- The Mean Coin Age metric reveals a 12% uptick, indicating a decrease in selling pressure as long-term holders refrain from liquidating.
- On-chain data signals a potential breakout for XRP, with a target of $0.70, supported by the Bollinger Band indicators.
- The critical test for bulls is overcoming the $0.66 resistance, contingent on further weakening of bearish selling pressure.
XRP Resilience Amidst Market Dynamics
Ripple’s XRP has sustained its position above $0.60, showcasing resilience after a recent dip from $0.62. As on-chain analysis becomes pivotal in understanding market dynamics, attention turns to the Mean Coin Age metric, a key indicator tracking the duration tokens remain in their current addresses.
Read More: Massive $15.2 Million XRP Transfer Influx to Bitstamp
Mean Coin Age Uptick and Selling Pressure Analysis
Santiment’s Mean Coin Age metric has observed a rare 12% increase, rising from 25.50 to 28.30 between January 1 and January 11. This surge suggests that existing XRP holders are holding their tokens for longer periods, leading to a decline in selling pressure.
The longer-term holder consolidation during a price consolidation phase sets the stage for a potential breakout when market demand improves.
Outlook and Price Forecast
The significant drop in selling pressure, as evidenced by the Mean Coin Age metric, positions XRP favorably for an upswing toward the $0.70 target. Bollinger Band technical indicators on the daily timeframe align with this optimistic outlook, indicating sustained momentum above the middle band (SMA) at $0.60.
To Conclude
Ripple’s XRP presents a promising scenario, with on-chain metrics signaling a decline in selling pressure and a potential breakout toward $0.70. While short-term fluctuations persist, the alignment of Mean Coin Age uptick and Bollinger Band indicators suggests a bullish trajectory.
