See More

Ripple (XRP) Price Has a Shot at Recovery  

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • XRP price failed a bullish breakout of an ascending triangle and is now trading under $0.50.
  • The MVRV ratio is in the opportunity zone, suggesting accumulation by XRP holders is likely.
  • The total supply in profit is at 70%, meaning there is room for growth before a market top.
  • promo

Ripple (XRP) price, while currently in decline, could soon be looking at recovery despite the changing market conditions.

The factors driving this rally will solely be investors as they make the decision to buy and sell.

Ripple Investors Could Buy the Dip

XRP price is at a two-month low at the moment, but a recovery is possible if only investors opt to push the price back up.

The Market Value to Realized Value (MVRV) ratio exhibits this potential. The 30-day MVRV ratio suggests that investors are sitting at a 6.80% loss, possibly prompting accumulation. Historically, XRP price tends to recover when the MVRV ratio is between -4.3% and -10.5%, as it often precedes rallies.

XRP MVRV Ratio. Source: Santiment

Secondly, the chances of selling XRP are also pretty low right now as the altcoin is far from being in a market top. The market top refers to the highest point reached by a market before a significant decline. It marks the peak of bullish activity and precedes a downward trend in asset prices.

Generally, a market top is confirmed when an asset’s total profit supply crosses the 95% mark. However, the total profit supply of XRP is 70%, far from noting a drawdown.

Read More: How To Buy XRP and Everything You Need To Know

XRP Supply in Profit.
XRP Supply in Profit. Source: Santiment

XRP Price Prediction: Bouncing Back 

XRP price, trading at $0.47 at the time of writing, will likely bounce back from the critical support of $0.47. The altcoin’s drawdown was the effect of failing the bullish ascending triangle that suggested the Ripple native token could shoot up to $0.61.

However, the broader market’s bearish cues pulled XRP down below $0.50. Still, the aforementioned conditions point to a potential recovery that could send the XRP price back up. A bounce from $0.47 can push the altcoin’s price to $0.51, breaching which will enable further recovery.

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

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

On the other hand, if the support of $0.47 is lost, a drawdown to $0.42 is also possible. This would place the XRP price at a yearly low and invalidate the bullish thesis completely.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024



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.

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...