A bullish day for Ripple! Most of the altcoins have been dragged down by Bitcoin’s price decline. However, a few who have escaped this bearish pull including Ripple has managed to trade in the green.
At the time of reporting, Ripple is trading at $0.7777 with a surge of 5.56% over the last 24hrs.
XRP Price To Spike Towards $1
On March 28, the XRP price had reached $0.93 but rolled crashing 26%. The price dropped from $0.62 to the $0.68 level. Until now, whenever the XRP price has faced a bounce in this area, the price has risen by 9%.
As the altcoin is currently in the $0.77 range, this area is considered important because most of the volume for Ripple was traded since the start of 2022. Hence $0.77 is most likely to act as support and resistance. If XRP price manages to break this barrier, this would be a sign that a bullish cycle is started.
However, for XRP to witness more profit, the price should pass the $0.85 and $0.91 hurdles. Hence, if bulls clear this level then it would unlock a route towards retesting of the $1 level.
On-chain Metrics Hints Bullish Outlook For XRP Price
Secondly, the 365-day Market Value to Realized Value (MVRV) on-chain metric shows a clear bullish sign for XRP price. The MVRV on-chain metric is used to decide the average profit/loss of investors who have purchased XRP in the last year.
At present, the MVRV index is fluttering around -22%. It is to be noted that this is the same level where the XRP price had declined in late January and later this also resulted in a 53% uptrend within roughly two weeks. If history repeats, then this could push the XRP price for a similar upswing.
The third reason that could push XRP price towards $1 is the currency’s supply distribution. At present, the XRP’s supply distribution shows a negative correlation between wallets that hold 100,000 to 1 million and 10 million or more XRP tokens.
So, the data shows whales holding 10 million or more XRP tokens have significantly increased their market share indicating a bullish stance on XRP.
Lastly, there are daily active addresses and the on-chain volume and since February 8, both of these are at the bottom pointing towards the outflow of capital and investors connecting with Ripple Blockchain.
Ripple CEO Bullish On The Ongoing Case
Brad Garlinghouse, Ripple CEO has a positive outlook on the long-time case between Ripple and the US Securities and Exchange Commission.
Garlinghouse was at Paris Blockchain Week on Thursday, April 14, where he spoke to the audience saying Ripple’s defense in the ongoing case is going much better than I expected.
Looking at these developments, the XRP community hopes XRP to hit $1 soon.