XRP’s price has been battling to break above the 78.6% Fibonacci Retracement line since early March, facing significant resistance. Despite repeated attempts, the altcoin has failed to maintain a breakout, keeping it in a bearish zone.

However, recent shifts in market sentiment have provided a glimmer of hope. This growing optimism among long-term holders could lead to a potential price rise, boosting profits for key investors and possibly ending XRP’s prolonged struggle.

XRP Is Noting Mixed Signals

The MVRV (Market Value to Realized Value) Long/Short Difference indicator for XRP currently stands at 3.1%, signaling that long-term holders (LTHs) are in profit. This is a bullish indicator, as LTHs generally hold onto their tokens longer, waiting for larger profits before selling. The absence of short-term holders dominating the market suggests that there is less risk of immediate selling pressure, providing XRP a better chance to rally.

On the other hand, negative values for short-term holders typically signal bearishness, as they tend to take quick profits, leading to price drops. With long-term holders in the profit zone, the possibility of them holding onto their XRP tokens increases. This shift could provide the necessary stability for XRP’s price to attempt another breakout.

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XRP’s macro momentum shows mixed signals. While the Realized Profit indicator has recently spiked, suggesting that investors are selling to secure gains, this could put downward pressure on XRP’s price. A surge in profit-taking often counters the bullish sentiment, especially if long-term holders decide to hold off on further selling.

Despite the spike in realized profits, the support from long-term holders could still help balance the market. However, the short-term bearish signals from profit-taking investors may limit the cryptocurrency’s upside potential, leading to traders’ cautious approach as XRP navigates this delicate situation.

XRP Price Prediction: Finding Strength

XRP is currently priced at $0.62, holding steady above the critical 61.8% Fibonacci retracement line at $0.59. The altcoin is attempting to breach the $0.65 barrier, which aligns with the 78.6% Fib line. This resistance level has kept XRP subdued for six months, and breaking through it is essential for further upward momentum.

The 61.8% Fib line is considered a key support level in bull markets, giving XRP a strong foundation to hold above it. However, the mixed signals from profit-taking and long-term holders may hinder the token’s ability to break through the $0.65 barrier.

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If broader market cues remain positive, XRP could break past the 78.6% barrier in Q4 2024. Failure to do so could lead to consolidation below $0.65, potentially invalidating the bullish outlook for the altcoin in the near term.

Layer-1 blockchain Sui (SUI) is set to unlock 64 million tokens on October 1, representing 2.40% of the total circulating supply. As the crypto community eagerly awaits the release of these tokens, SUI is experiencing heightened investor interest.

Although token unlocks usually cause high volatility and sometimes price decline, this analysis highlights why SUI’s price might not experience a massive drawdown and the rationale for predicting a much higher value after the event.

Sui Is Set to Release 64 Million Tokens, Volume Jumps

SUI’s price has increased by 115% in the last 30 days, most of it due to Grayscale’s decision to launch the SUI Trust. Besides this, the project’s Total Value Locked (TVL) has reached a new all-time high, indicating increased confidence in the altcoin’s potential.

Meanwhile, on Tuesday, October 1, the project will unlock 64.19 million tokens, valued at over $100 million. Token unlock is a process by which previously restricted coins are released into circulation.

Most times, this supply shock comes with high volatility. However, on the daily chart, the Bull Bear Power (BBP), which measures the strength of buyers and sellers, reveals that the bulls are in control.

Read more: Everything You Need to Know About the Sui Blockchain

As such, buying pressure is most dominant, suggesting that SUI’s price could jump higher than $1.73. Furthermore, Sui’s volume has also increased to $862.48 million.

Generally, increasing buying volume will push a cryptocurrency’s price higher. But for that to continue, the volume must climb. However, if the volume declines as the price rises, then the uptrend might become weak, and a potential reversal could be next. 

In SUI’s case, the price has increased by 5% in the last 24 hours and the volume rose by 122% within the same period. As such, the toke might experience a continued rally. 

SUI Price Prediction: Bears Do Not Have a Chance

A further look at the daily SUI/USD chart shows that the altcoin continues to show remarkable strength. However, traders need to watch out for the $1.90 region, which is historically a crucial level for SUI’s price.

For example, when SUI’s price attempted to hit $2 in February, it experienced a push bask as soon as it reached $1.90.  Currently, the altcoin is approaching the same zone. But with buying pressure present, it is likely to breach the region.

In addition, the 20-day Exponential Moving Average (EMA) remains above the 50 EMA. This indicates that the bullish setup is still in place, and SUI’s price can continue to appreciate.

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If buying pressure helps SUI surpass the $1.90 resistance, the token may rise to $2.10. However, a wave of profit-taking could drive its value down to $1.45, invalidating the bullish prediction.