XRP Shows Positive Momentum with 15% Weekly Surge

XRP has surged by 15% this week, thanks to substantial backing from investors and favorable market signals. After navigating major bearish trends, this altcoin is now eyeing a robust price recovery.

Investor Confidence in XRP

The stability of the Mean Coin Age (MCA) indicates that long-term holders (LTHs) remain committed, showing no signs of panic selling despite recent fluctuations in the market. Their steady holding patterns signal confidence, suggesting that they anticipate a positive shift in XRP’s price.

LTHs play a crucial role in the health of any asset. Their decision to retain their investments conveys optimism about XRP’s recovery prospects, further supporting the current upward trend.

Macro Conditions Favor XRP

The overall market momentum for XRP appears to be strengthening. The Average Directional Index (ADX) has recently dipped below the critical threshold of 25.0, indicating a significant waning of the prior downtrend. Although the ADX had been reflecting strong bearish sentiment, its recent decline points towards diminishing negative momentum.

This shift is essential, as it creates a more conducive environment for potential recovery. As bearish forces weaken, XRP finds itself with an opportunity to reclaim lost ground.

Price Recovery Possibilities for XRP

Currently, XRP’s price is around $2.54, following a notable 15% increase. The altcoin is striving to solidify its position above $2.33, which could lead to additional gains. Successfully maintaining this support level might propel XRP towards the $2.70 target.

This week, XRP has managed to avoid significant losses, bouncing off an upward support line. If the altcoin continues to draw on the strength of long-term holders and favorable macro conditions, it may convert $2.70 into a robust support level, setting sights on the next benchmark of $2.95.

However, should XRP fail to surpass the $2.70 mark, it might find itself trapped within a range just above $2.33. Such a scenario could hinder its recovery trajectory and cast doubt on the currently positive sentiment.