- XRP was down by more than 4% in the last seven days.
If the downturn continues, then the token might drop to $0.4699.
As a crypto investor with some experience under my belt, I’m keeping a close eye on XRP‘s price action following its recent downturn. The token’s 4% decline in the last seven days is concerning, and if the trend continues, we might see it drop to $0.4699.
Over the past week, XRP has experienced significant volatility with its price taking a downturn. However, investors need to brace themselves for potential additional losses as the token dipped beneath a chart pattern, suggesting a possible continuation of the price decline.
Bears step up
According to a previous article on AMBCrypto, the value of XRP hit a two-month low. This drop in price can be attributed to investor uneasiness stemming from news that Ripple, the entity behind XRP’s development and its largest custodian, offloaded 150 million tokens.
Based on data from CoinMarketCap, the value of the token decreased by more than 1.3% within the past 24 hours, resulting in a further price drop.
Currently, the token is priced at $0.4932 and has a market value exceeding $27 billion in total capitalization. The recent price drop negatively influenced the token’s behavior in the market as well.
As an analyst studying market sentiment using Santiment’s data, I discovered that XRP‘s Weighted Sentiment dipped below the neutral threshold, signaling a preponderance of bearish feelings among traders regarding the token.
Despite the significant price decrease, there was lively discussion in the marketplace, leading to a marked increase in Social Volume.
If XRP‘s price took a downturn, this was followed by a bearish breakout – an ominous sign suggesting further price decreases ahead.
Remarkably, XRP‘s price formed a pennant structure around mid-April. Over the past few weeks, the token has been trading within this pattern with minimal price movement. However, on the 8th of June, there was a significant downward breakout from this chart formation.
Will XRP continue to fall?
As an analyst, I’ve examined AMBCrypto’s assessment of the token’s fear and greed index and found that its value stood at 34%, suggesting we’re in the “fear” phase of the market at present.
Each time the metric hits that threshold, it indicates a potential for price growth. For a clearer perspective, AMBCrypto examined the token’s daily price trend.
Based on our examination, the MACD technical indicator showed a noticeable bearish edge in the market, while the RSI for the token recorded a significant decrease, implying a potential continued decline in its price.
Nonetheless, the Chaikin Money Flow (CMF) looked optimistic as it went slightly northwards.
AMBCrypto then assessed Hyblock Capital’s data to look for possible targets for XRP this week.
Read Ripple’s [XRP] Price Prediction 2024-25
Should a trend change and the token experience a surge in buying power, investors could observe the token regaining the price level of $0.545.
As a crypto investor, I’ve observed that when there are high liquidations in the market, it often leads to short-term price corrections. However, if XRP continues to exhibit bearish trends, I can expect its price to dip down to around $0.4699.
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2024-06-09 14:15