XRP price has seen a significant downturn in its price recently, dropping from $0.64 to $0.52, marking an 18% crash. However, the altcoin is now focusing on recovering this loss, with a key group of long-term investors potentially playing a vital role in driving this recovery. 

XRP’s future movement will depend heavily on its ability to leverage these supportive forces and breakthrough crucial resistance levels.

XRP Investors Have a Huge Responsibility

The Market Value to Realized Value (MVRV) Long/Short Difference indicator currently offers insight into XRP’s investor sentiment. Typically, negative values suggest short-term investors are making profits, which is often a bearish signal.

However, XRP’s situation appears more favorable, as the indicator remains positive. This positivity suggests that long-term holders are in profit, reinforcing the asset’s stability.

These long-term investors, often considered the backbone of any cryptocurrency, are critical to XRP’s recovery. Their confidence and continued support will be essential in helping the altcoin regain lost ground. This stable base of holders suggests that XRP could have the backing needed to reverse its recent crash.

Read more: XRP ETF Explained: What It Is and How It Works

In addition to market sentiment, technical indicators are also showing signs of a potential increase. XRP’s Relative Strength Index (RSI) has shown a slight uptick over the last 48 hours, signaling that bearish momentum is weakening. This is a crucial development, as diminishing bearish pressure may pave the way for bullish momentum to build.

The RSI’s movement is particularly important for XRP because it indicates the market is gradually shifting from a bearish stance. If this momentum sustains, it could help trigger a price rebound, allowing XRP to begin recovering from its recent losses.

XRP Price Prediction: Resistances in Sight

XRP is currently trading at $0.53, following its 18% decline. The altcoin has bounced off the support at the 38.2% Fibonacci Retracement line, which coincides with the $0.52 level. This support level is crucial for maintaining upward momentum, and XRP could continue its increase from here.

The next key target for XRP is the $0.55 mark, which aligns with the 50% Fibonacci Retracement line. Breaching this level would open the door for a rise toward $0.59.

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

However, if XRP fails to break past $0.55, the bullish outlook will be invalidated. This could lead to a period of consolidation between $0.55 and $0.52, delaying any significant recovery in the near term.

POPCAT, a Solana meme coin, has reached a new all-time high (ATH) following a significant rally. The coin surged by 109% over the past month, crossing the crucial $1.00 resistance barrier and reaching $1.29. 

This marked a pivotal moment for POPCAT, driven by strong market sentiment and unique factors that set it apart from other altcoins.

POPCAT Is a Unique Case

One of the key factors behind POPCAT’s recent rally is its lack of correlation with Bitcoin (BTC). Unlike many other altcoins that tend to move in sync with BTC’s price fluctuations, POPCAT has historically performed better when its correlation with Bitcoin drops. Currently, the correlation between POPCAT and BTC has fallen to 0.33, indicating a weaker relationship.

This lower correlation has proven beneficial for POPCAT, as the broader cryptocurrency market has been facing challenges. The meme coin’s ability to move independently of Bitcoin has allowed it to capitalize on favorable market conditions, leading to the recent price surge.

Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide

From a technical perspective, POPCAT’s macro momentum remains strong. The Relative Strength Index (RSI), a key indicator for assessing overbought or oversold conditions, is currently in the former zone. Despite this, the RSI is still rising, signaling that buying pressure remains strong for POPCAT. 

However, it’s worth noting that meme coins like POPCAT often experience sudden price corrections, especially when investors decide to take profits. Although POPCAT holders have not yet shown signs of selling, the risk of a potential pullback looms, given the RSI’s position in the overbought zone.

POPCAT Price Prediction: Beating the Odds

POPCAT’s price saw a 31% rise over the past 24 hours, propelling the Solana-based meme coin to $1.29, its new ATH. This impressive increase is part of a larger 109% rally over the past month, driven by strong market sentiment and favorable technical indicators.

Breaking through the $1.00 barrier was a significant milestone for POPCAT, as this level had previously served as a tough resistance. The broader market conditions supported this breach, enabling the meme coin to soar to new heights.

Read More: 11 Top Solana Meme Coins to Watch in October 2024

However, a sharp price correction could occur if investors move to take profits. A drop to the $1.00 support level is possible, and losing this key level could push POPCAT down to $0.75, invalidating the potential for further upward momentum. Investors should remain cautious as the coin continues to navigate its volatile price action.

Cardano founder Charles Hoskinson has commended the team behind Sui, a fast-rising blockchain network that has recently gained significant traction.

Sui is a Layer-1 blockchain and smart contract platform that launched in 2023. Its goal is to simplify and enhance application development in the Web3 ecosystem. The platform operates on the Move programming language, allowing for parallel transaction processing.

Hoskinson Commends Sui Network’s Progress

On October 4, Charles Hoskinson, the founder of Cardano, praised the SUI network team for their recent performance. He specifically acknowledged the work of George Danezis, Mysten Labs Co-Founder and Chief Scientist, and noted that the network deserves recognition within the crypto space.

“Reading about Sui. It’s good to see George’s work come to life. They deserve great success in the space,” Hoskinson stated.

Hoskinson’s recognition comes as Sui’s growth has captured significant attention in recent weeks. Its native token surged by 118% over the past month, pushing its market cap to $5 billion. The platform also reported a 140% increase in active addresses and a 48% revenue jump compared to August.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

Sui’s DeFi ecosystem is also expanding, with increasing transaction volumes and a growing number of decentralized applications (dApps). Data from DefiLlama reveals a 40% rise in Sui’s decentralized exchange transaction volume, reaching $872 million in weekly transactions.

Additionally, the total value locked (TVL) on the platform now stands at approximately $1.25 billion, ranking it among the top 10 blockchain networks by TVL.

Market analysts point to memecoin speculation and the introduction of native stablecoins like Circle’s USD Coin as major drivers of this activity. Additionally, the network has attracted institutional interest, with Grayscale recently launching a dedicated crypto investment trust for the project.

Read more: Which Are the Best Altcoins To Invest in October 2024?

These developments have led some observers to suggest that SUI could become a serious competitor to other smart contract-enabled blockchains, such as Solana and Cardano. Asset management firm VanEck highlighted the blockchain network’s unique object-based architecture, which supports higher transaction throughput and lower latency compared to rivals like Solana and Ethereum.

“If we are to segment our investment theses on Layer-1 blockchains, we put Sui in the camp with Solana and Aptos as chains that are leveraging their high-performance characteristics to appeal to Web2 developers,” VanEck stated.