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Onyxcoin (XCN) has faced challenges in the past month, with its price largely stagnating. The lack of bullish movement is likely a result of opposing forces—investor behavior and market conditions—acting on the cryptocurrency. 

However, there is some positive news surrounding the upcoming OIP-56 proposal, which will bring gas-free voting for the users. This could act as a trigger for XCN price rise.

Onyxcoin Is Overvalued

The NVT (Network Value to Transactions) ratio for Onyxcoin is currently at a five-month high, which indicates a sharp rise in network valuation relative to transaction activity. This spike signals a potential overvaluation of XCN, as the network’s actual transaction activity is not keeping pace with its valuation. 

This discrepancy can create a sense of inflated value, which historically points to a price correction. With the NVT ratio showing a disconnect between price and real-world usage, Onyxcoin could experience increased selling pressure if investors start to realize the overvaluation.

Despite the signs of overvaluation, Onyxcoin is not facing significant bearish momentum, as shown by its Relative Strength Index (RSI). Currently, the RSI is sitting above the neutral 50.0 mark, indicating that, although the market is less favorable, XCN is still in a positive price zone. 

The RSI’s position suggests that Onyxcoin could remain relatively stable or even experience some upward momentum. If the broader market conditions improve or if OIP-56 succeeds in providing further utility to the network, the price may have the potential to recover.

XCN Price Aims For Recovery

Onyxcoin’s price is currently trading at $0.0180, consolidating between $0.0214 and $0.0165. The lack of bullish momentum in the past few weeks has kept the price from rising above $0.0214, reflecting market hesitation.

Given the mixed signals from both market sentiment and technical indicators, Onyxcoin’s price may continue to consolidate in this range for the time being.

This consolidation phase is likely to continue unless a significant catalyst pushes the price in one direction. If market conditions worsen, Onyxcoin could face a drop below the $0.0165 level, possibly falling to $0.0150.

This would further validate concerns about the cryptocurrency’s overvaluation and could signal a deeper correction in its price.

However, if Onyxcoin’s price begins to align with investor behavior and bullish momentum, it could break past the $0.0214 resistance. This would pave the way for a potential rise to $0.0237 and eventually towards $0.0300.

A successful breach of these levels would invalidate the current bearish outlook, indicating a stronger uptrend for Onyxcoin in the near future.

The post Onyxcoin Prepares For OIP-56 Update, But XCN Price May Be Capped appeared first on BeInCrypto.

XRP has seen a price rebound recently, which is in line with a shift in investor behavior. The altcoin is benefiting from holders opting to HODL, providing support for a potential recovery in the coming days. 

This shift in sentiment is key to reversing the losses seen in June and pushing XRP back above key barriers.

XRP Holders Mature

Addresses holding XRP for over 6 to 12 months have experienced a noticeable rise in concentration this month, up by 12.8% to 19.1%. This surge in mid-term holders indicates a strong level of conviction in the asset’s future.

The increase in long-term holders reflects the growing belief that the price will recover despite recent volatility.

Moreover, holders who have owned XRP for 3 to 6 months have shifted their behavior toward HODLing rather than selling. This maturity in investor sentiment suggests confidence that XRP’s price will rebound.

The rise in mid-term holders plays a crucial role in stabilizing the asset and supporting its price recovery.

Looking at the macro momentum, the Mean Coin Age (MCA) has shown a consistent uptick throughout this month.

The MCA reflects the behavior of long-term holders (LTHs), and its rise indicates that LTHs are choosing to accumulate XRP instead of selling. This is a positive sign, as LTHs hold significant influence over the asset’s price.

The increasing accumulation of LTHs further supports the bullish outlook for XRP. Since LTHs have the most substantial holdings, their decision to hold rather than sell ensures stability and helps support a recovery in the price.

This accumulation behavior is likely to help XRP regain its footing and potentially reach higher price levels.

XRP Price Needs To Breach Key Barriers

XRP is currently trading at $2.19, just below the crucial resistance of $2.23. Breaching this resistance level is vital for the altcoin to continue recovering from the losses seen in June.

If XRP manages to break through $2.23 and flip it into support, the next target would be $2.27.

If XRP price can sustain its momentum and hold above $2.23, it could continue rising and reach $2.32, fully recovering from June’s losses. This would mark a significant turning point in the recovery phase and set the stage for further upward movement.

However, if XRP fails to breach $2.23, it could remain consolidated between the $2.23 resistance and $2.13 support levels.

A drop below $2.13 would invalidate the bullish thesis, sending XRP back to $2.08, which would signal a reversal and further price decline.

The post Why Maturing Investors Might Provide a Lifeline for XRP Price in July appeared first on BeInCrypto.