XRP Price continued to trade around $0.52, a crucial support/resistance zone, after a 53 percent correction in the past few weeks. XRP price hovered around 52 cents last week, below the daily 50 MA but above the 200 daily Moving Average. Although last month’s summary judgment provided a lot of clarity for XRP, the uncertainty revolving around the SEC appeal and the trial set for the first half of 2024 has most investors skeptical.
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.
On-Chain Data Outlook
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.
