XRP Enters Zone That Sparked 51% Rally in July 2024
XRP is trading at $1.42 and has been rejected by a descending trendline three times since January, but on-chain metrics suggest it's entering a zone that preceded a significant rally in July 2024.
The Market Value to Realized Value indicator (MVRV) has remained below the 1.0 threshold for an extended period, indicating XRP is undervalued relative to its historical cost basis. Green bars in the MVRV model point to a potential bottom.
A comparable setup emerged in July 2024, when XRP surged 51% within days of similar MVRV readings. The number of addresses holding at least 10,000 XRP has begun to stabilize after its steepest decline since December 2020, suggesting mid-sized holders are returning.
The token holds above its critical $1.36 support level, but a breakout above $1.57 would be needed to confirm a trend reversal and potentially open a path toward $1.91. A breakdown below $1.36 would shift the structure bearish, with downside risk extending toward $1.11.