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Consolidation Ahead for Ripple (XRP) Price as Optimism Tanks

BeInCryptoBeInCrypto2024/06/23 18:55
By:BeInCrypto

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.

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

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.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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