XRP, the fifth-largest cryptocurrency by total market value, has been experiencing a sideways movement for months and has not given in to this trend despite the drop that started from $0.90. Currently, XRP is trading at $0.52 and according to experts, a major breakout is expected soon.
Breakout Coming Soon for XRP Price
Ripple (XRP) has previously tested the $0.55 resistance level but failed to break it. The increasing pressure from bears and the selling volume became the second obstacle. However, on-chain data suggests a major breakout is on the horizon for XRP. The NVT ratio, which is the ratio of Transaction Volume to Network Value, has experienced an incredible increase of 340%. This rise, observed between August 18th and August 24th, resulted in an increase from 51.66 to 226.
This development indicates that there will be some movement in the network soon. In the past, when such a rise was observed in the NVT ratio, the price experienced a 20% upward movement. It seems that long-term Ripple-focused investors are currently opting for HODL.
Looking at the Coin Age level, which indicates how much XRP investors hold in their hands, it can be seen that the value for XRP increased from 34.33 to 38.30.
XRP Price Predictions
Although transaction activity and volume continue to increase, the number of HODLers is also increasing in parallel, indicating a lack of selling pressure. This actually suggests that bulls may dominate soon. Currently trading at $0.52, XRP indicates that investors who recently bought may incur at least a 15% loss in the event of a significant drop. This is one of the biggest obstacles to selling.
The next target for XRP is highlighted as $0.61. Following that, a critical resistance level of $0.66 will be in place for XRP, provided it reaches sufficient volume.
