Ripple Analysis (XRP) Saturday, April 3
The price of Ripple Digital Currency is about to break an important resistance level and turn this level into a support. This move could signal the beginning of a strong uptrend.
Ripple prices have been inverted since late November. This pattern is a reversal pattern and reflects price growth in the long run.
This pattern consists of three valleys, one of which is lower than the others and the other valleys include the shoulder part of this pattern.
If the neckline of this pattern breaks at $ 0.63 and the price stabilizes above this level, the next target will be $ 1.09.
Ripple prices are approaching this level but have not yet closed above this resistance.
On the other hand, since January, the number of addresses holding 100,000 to 1 million ripples and 1 million to 10 million of these digital values has increased by 6.17% and 5.85%, respectively. This indicates that investors are optimistic about the future of Ripple.
However, the MVRV index shows a figure of 14%, which means that many of the user accounts that maintain Ripple are not profitable and their investors are reluctant to exit the market any time soon and sell their assets.
The one-month MVRV index also fluctuates in the same range, despite a 45% increase in Ripple prices.
Overall, Ripple is ready to take an uptrend, but the continuation of this trend depends on the strong presence of buyers above the resistance level of $ 0.63.
If the price does not cross the $ 0.63 resistance, then we will see a 16% drop in the price to the level of 61.8%. Fibonacci correction at $ 0.53. If the sell-off continues, the next target of the 50% Fibonacci level will be $ 0.46. If this support level is broken, the reverse of the reverse head and shoulder pattern will be lost and the ready-to-fall price will increase.