Ripple (XRP) price could be looking at a period of sustained bearishness that may prevent recovery.
XRP holders, too, are not too certain of the price rising anytime soon, as evident in their behavior.
Ripple Investors Turn Bearish
XRP price could be facing the brunt of the bears or the shifting sentiment of its investors. Pessimism among XRP investors is rising rapidly, as evidenced by the downtick in weighted sentiment.
Furthermore, the Moving Average Convergence Divergence (MACD) highlights a bullish crossover that is losing strength. MACD is a technical indicator that shows the relationship between two moving averages of a security’s price.
Crossovers and divergence between these averages signal bullish or bearish momentum. This technical indicator currently suggests a lack of momentum in the Ripple native token’s price. As this indicator weakens, it indicates that the buying pressure is diminishing.
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This loss of momentum signals that XRP may be heading for a period of consolidation under the $0.51 resistance level.
XRP Price Prediction: Sideways Next
The XRP price is trading at $0.48 after failing the bullish ascending triangle pattern. The altcoin recently tested the low of $0.47 before attempting to breach the resistance at $0.51. Together, these levels form the altcoin’s consolidation range.
Considering the abovementioned factors, the altcoin could be sideways bound for the coming days. As the broader market cues improve, the altcoin’s price could see some recovery, potentially even breaching the resistance level.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
However, a price decline is likely if the crypto market turns further bearish or investors opt to sell to offset their losses. XRP could fall through $0.47 to reach the lows of $0.45 or $0.42, invalidating the bullish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
