Ripple (XRP) price has been under considerable pressure recently, driven by bearish technical indicators and legal challenges. Despite a recent decline, some signs hint that the selling pressure could be easing, as indicated by a recovery in RSI levels.

However, XRP whales remain cautious, showing little change in their holdings, suggesting uncertainty about a strong price surge. For now, XRP’s future hinges on whether it can overcome resistance levels and gather bullish momentum.

XRP Whales Are Still Not Convinced

The number of wallets holding between 10 million and 100 million XRP has shown little fluctuation since October 9. Currently, there are 285 such wallets, and the count has remained within a narrow range of 284 to 287 over the past week.

This consistency suggests that these large holders, or “whales,” are taking a cautious stance and are not making significant moves either into or out of their positions.

Read more: Everything You Need To Know About Ripple vs SEC

This metric is crucial because whale activity often provides insights into market sentiment. Whales have the power to move markets, and their buying or selling decisions can be strong signals for upcoming trends.

The stable count of these large wallets implies that these major players are not yet convinced that XRP is ready for a significant price surge. Until whales start accumulating more aggressively, a strong upward move for XRP seems less likely.

Ripple’s DMI Shows a Potential Uptrend

Ripple’s Directional Movement Index (DMI) chart currently shows the positive directional line (D+) at 27.9, the negative directional line (D-) at 12.6, and the ADX at 15.5. The higher D+ value compared to D- suggests that buying pressure is greater than selling pressure.

However, the ADX, which measures trend strength, is at a relatively low value, indicating that the trend is weak despite the buying momentum.

The DMI is a technical indicator used to determine both the direction and strength of a trend. It consists of the D+ and D- lines, which indicate buying and selling pressures, respectively, along with the ADX, which measures the overall strength of the trend.

The current setup shows that XRP’s price has been attempting to break above key resistance levels in recent days. However, for a successful breakout to occur, the uptrend needs to gain more strength, as indicated by a rising ADX.

XRP Price Prediction: Can It Get Back to $0.66 In October?

XRP’s EMA lines currently show a bearish setting, with the long-term line positioned above the short-term lines. However, the short-term lines are trending upwards, indicating potential bullish momentum.

If the short-term EMAs manage to cross above the long-term EMA, it could ignite a strong uptrend, reversing the current bearish sentiment.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP is also facing significant resistance levels at $0.56 and $0.61. If these levels are broken, the price could climb to $0.66, which would represent a potential 20% increase.

Conversely, if the uptrend does not materialize and bearish momentum gains strength, XRP will likely test support levels at $0.52 and $0.50. This pivotal point will determine whether XRP breaks out to the upside or remains under pressure.

The price of the leading artificial intelligence-related token Bittensor (TAO) has trended within an ascending channel since early September. Trading at $575 as of this writing, the altcoin has since noted a 150% uptick.

However, as buying pressure loses momentum, TAO is poised to shed some of these gains. This analysis highlights what token holders should look out for. 

Bittensor May Lose the Support of Bulls

Bittensor’s price has remained within an ascending channel since the beginning of September. This channel is formed when an asset’s price consistently makes higher highs and higher lows over a given period, creating a clear uptrend. The upper line of the channel represents resistance, while the lower line represents support, where buying interest usually increases. 

However, due to waning demand for the altcoin, Bittensor currently trades close to the lower line of its ascending channel at $558.80.

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When an asset trades near this lower line, it means the price is close to the channel’s support level. At this point, buyers often step in to push the price back up, making it a potential entry point for traders.

However, if the asset fails to hold above this lower line and breaks below the channel, it signals a weakening uptrend or the start of a bearish reversal.

BeinCrypto’s assessment of TAO’s key indicators reveals that this might be true for the altcoin. For example, its Chaikin Money Flow (CMF) is on a downward trend, below the zero line at -0.21.

This indicator measures the strength of money flow into or out of a security over a specific period. When negative, selling activity outweighs buying activity, suggesting that more traders or investors are selling the asset than buying it. Traders interpret this as a potential signal for a continuation of a downtrend.

Furthermore, TAO’s declining on-balance volume (OBV) supports this bearish outlook. It is at 41,254 at press time, noting a 97% fall over the past 21 days. 

The OBV measures buying and selling pressure based on volume. When it falls, it means there is more selling volume than buying volume, suggesting that sellers are more active in the market than buyers, leading to downward momentum in price. 

TAO Price Prediction:  The Altcoin Has Two Options

If the current selling momentum continues, Bittensor’s price risks falling toward the key support level of $558.80. Without new buying pressure entering the market, the bulls may struggle to defend this line, potentially pushing the altcoin down to $219.60. Should this level fail to hold, TAO could retreat further to its August 5 low of $163.70.

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However, if fresh demand enters the market, Bittensor’s price may rebound off the lower boundary of the ascending channel, attempting to break above the resistance at $736. A successful breakout could propel the altcoin toward the $1,249 mark, signaling a bullish reversal.

The XRP price is currently trading at $0.554, having increased by 3% in the past 24 hours. However, XRP largely remains in the red in a 30-day timeframe, having broken below the $0.6 threshold earlier in the month. At the time of writing, XRP is down by 5.3% in the past 30 days.

According to CoinCodex, a machine learning algorithm, XRP should continue on a bullish trajectory this week. According to its latest forecast, XRP is on track for upward momentum this week and will maintain its strength throughout the week, with the price expected to surpass the $0.60 mark. 

CoinCodex Forecast: XRP Price Set For A Rally This Week

CoinCodex’s machine learning algorithm paints a bullish picture for the XRP price journey this week. Its Fear & Greed Index, a popular tool that measures investor sentiment, currently reads 72 for XRP, indicating a state of “greed.” Furthermore, the sentiment has now flipped to neutral after spending earlier days in the bearish zone. 

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According to CoinCodex’s algorithm, XRP’s technical indicators further back up the bullish case. Out of 29 key indicators used in the analysis, 20 are flashing bullish signals, while only nine are giving bearish signals. This overwhelming tilt towards positive momentum points to growing market confidence in XRP’s short-term prospects. Given these indicators, the algorithm predicts that XRP is primed to break above the $0.60 threshold again this week.

More notably, CoinCodex anticipates that XRP could achieve double-digit gains by the end of the week. The algorithm sets a target for XRP to close the week at $0.635269, which represents a significant 16% increase from its current price levels. Such an outcome would mark a major milestone for XRP, as it would be the first time in quite some time that the cryptocurrency posts double-digit gains on a weekly timeframe. 

What To Expect For XRP This Week

If the XRP price movement plays out as predicted, it could signal the beginning of an extended bullish trend for the cryptocurrency as momentum builds up and investors pile in. The combination of positive technical indicators and strong market sentiment makes this week a crucial period for XRP, as it suggests that the asset is positioned for further gains.

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According to CoinCodex’s analysis, XRP has support levels at $0.540343, $0.534077, and a stronger foundation at $0.530528. On the resistance side, key levels to watch include $0.550157, $0.553706, and $0.559972, which could present challenges on its upward path.

The key XRP price target to watch will be the $0.60 level. If breached, the momentum could pave the way for XRP to test the projected $0.643268 mark by the end of the week. 

Featured image created with Dall.E, chart from Tradingview.com