Crypto analyst Akash Girimath says that Ripple (XRP) remains under pressure between two key levels, delaying its rise. However, the next step for the altcoin could trigger a rally that pushes towards the long-awaited hurdles. We have prepared Akash Girimath’s analysis for our readers.
Altcoin price struggles to overcome POC
XRP price action is stuck between the $0.54 low range and the $0.91 high range. The altcoin has been trading within it since this limit was first created on February 8. The recent dip from $0.62 to $0.68 in the buy zone caused the XRP price to rise 17%, suggesting a resurgence of the uptrend.
However, the buyers failed to maintain the momentum and created a pullback below the control volume point at $0.76. Now, XRP price is stuck in a 50% retracement from $0.73, between the aforementioned level. A decisive daily candlestick above $0.76 will signal a breakout and trigger a rise to the initial resistance barrier at $0.91. After retesting this hurdle, XRP price needs to turn it to support floor for more gains.
Doing so will allow the bulls to free reign up to the $1 psychological level. This move will constitute a 35% rise from the current position at $0.75 and will likely limit the upside for the remittance altcoin.
XRP daily chart The supply distribution chart supports the bullish outlook for XRP price. At press time, investors holding more than 10 million XRP tokens have risen from 317 to 340 since mid-February. The 7.2% increase indicates that more whales are buying the tokens, indicating a bullish outlook.
XRP supply distribution Also, the 365-Day Market Value-Actual Value (MVRV), which is used to determine the average profit/loss of investors who bought XRP last year, is 5% lower than last week. It hovers at -17%, an increase of 1%. According to Santiment’s research, which we covered in the news of Kriptokoin.com, a value below -10% indicates that short-term holders are at a loss and are less likely to sell. Most of the time, this is where long-term holders pile up.
Therefore, any movement below -10% is called the “zone of opportunity”. As the chart shows, previous dips to -20% have led to an explosive rally and if history repeats itself, there is a good chance that XRP price will initiate a similar rise.
XRP 365-day MVRV 
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