BREAKING: Ripple (XRP) Price Smashes $0.60 —Key Indicators Suggest More Gains Ahead

XRP Price Forecast:

• Ripple (XRP) price surpassed the $0.60 mark on Tuesday, October 31, for the first time since mid-August. 
• A critical on-chain indicator shows that most current XRP investors want to hold out for more gains rather than book early profits. 
• The current holders’ entry price distribution provides vital insights that could guide the bullish price action toward the $0.65 range. 

Ripple (XRP) price surpassed the $0.60 mark on Tuesday, October 31, for the first time since mid-August. In-depth on-chain data analysis shows that the bulls seek more gains than exit at the current favorable prices. 

XRP Long-term Investors are Pushing For More Gains 

XRP has attracted significant interest from investors over the past month due to a series of legal victories over the SEC and a landmark partnership with the Uphold cryptocurrency trading platform

These bullish news events combined to push XRP price above the vital $0.60 milestone on Tuesday. However, vital on-chain signals currently indicate that XRP investors may not book early profits at this point. 

As depicted below, XRP Mean Coin Age remains in an upward momentum. On, October 28, it  reached a 5-month peak of 40.36.

In simple terms, the Mean Coin Age metric tracks how long XRP coins in circulation have remained unmoved in their current wallet addresses.

Hence, this persistent increase in XRP Mean Coin Age observed above is a prime indication that most long-term holders have not started moving their coins yet. 

This signals that XRP long-term investors are maintaining a bullish disposition to seek out more gains. If they continue to hold firm, the current XRP price rally could gain momentum and approach the $0.65 level

XRP Price Prediction: $0.65 Could Be The Next Target

Ripple (XRP) price is currently hovering above $0.60. In the daily time frame technical analysis, the Parabolic Stop and Reverse (Parabolic SAR) indicator also confirms the bullish narrative that the bulls could target $0.65 next.  

The Parabolic SAR at $0.53 suggest a favorable outlook for XRP in the near term. The SAR indicator’s position below the current XRP price indicates a bullish trend, potentially signaling further price upside.

Hence, a decisive breakout above the initial resistance at $0.61 could accelerate the rally further toward $0.65. 

Ripple (XRP) Price Forecast, October 31, 2023 | Source: TradingView

On the flip side, the Relative Strength Index is currently at 75.30, which is in oversold territory. However, in the case of a bearish reversal, the bulls can mount a formidable support at the $0.53 support identified in the Parabolic SAR indicator.