Will XRP Drop Below $0.47? Key Indicators
The post Will XRP Drop Below $0.47? Key Indicators appeared on BitcoinEthereumNews.com.
Price of XRP could test negative trend and go below $0.47. Despite strong selling pressure, optimistic measures indicate investor confidence. With its price rising by more than 2%, XRP had a good week. But as a bearish pattern appeared on the token’s chart, the volatility decreased and the recent slow-moving price action may only be a preamble to a southbound price movement. Ahead of Us: Bearish Patterns The momentum of XRP has somewhat decreased, according to CoinMarketCap data, with the price very slightly changing within the previous 24 hours. XRP was the seventh-biggest cryptocurrency as of writing, with a market capitalization of about $29.3 billion. This current price has slightly decreased to $0.5227 over the last 24 hours; however, it has increased by 2.2% over the previous week. At the middle of April, when XRP had a big price decline, a bearish pennant pattern developed. Price of the token has since consolidated inside the pattern. Should XRP test this pattern, the price action may quickly become negative and fall below the lower trendline, which would propel the price even farther south. Source: TradingView The exchange inflow of XRP spiked multiple times last week, according to Santiment’s data, implying strong selling pressure and investor dumping of the asset. Furthermore, on May 24, XRP’s NVT ratio increased dramatically, raising the possibility that the coin is overpriced. Usually, an overvalued asset suggests a price decline. The MVRV ratio fell recently as well, which heightened the pessimistic outlook. Source: Santiment Though these were depressing signs, several measures appeared promising. The weighted sentiment of the token rose, indicating that investors were still optimistic while bullish mood ruled the market. Coinglass data showed that the long/short ratio of XRP rose during the previous 12 hours, which is a positive indication and implies that investors are more…
Filed under: News - @ May 24, 2024 7:12 pm