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Consolidation Ahead for Ripple (XRP) Price as Optimism Tanks  

2 mins
Updated by Lynn Wang
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In Brief

  • XRP price failed the bullish pattern as it broke down to fall below $0.50 this month.
  • The investors’ pessimism is rising rapidly, which can be seen in the downtick in sentiment.
  • The MACD is highlighting a bullish crossover losing its strength, signaling a lack of momentum.
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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. 

XRP Weighted Sentiment.
XRP Weighted Sentiment. Source: Santiment

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.

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

XRP MACD.
XRP MACD. Source: TradingView

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

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

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.

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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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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