- Ripple price remains stuck beneath a declining resistance level, bears hammering the token’s uptrends.
- A plunge to retest the demand territory at $0.56 – $0.63 would be crucial in catalyzing a 35% upsurge to $0.85.
- A 6hr candlestick close beneath $0.56 will cancel the bullish narrative.
Ripple (XRP) has recorded steady downswings with lower peaks and lower highs, highlighted by a plunging trend-line. Nevertheless, the retracement might prove lucrative as it could provide a ‘buy’ opportunity, allowing market players to position for quick gains.
Ripple Ready for a Launch
Ripple saw its price movements stuck below a plunging trend-line for almost three weeks. Moreover, the remittance token shows no recovery signals in the coming future. Though this development might mean bearish within the near term, it may attract sidelined buyers because of its proximity to a steady support zone.
Extending this trend could push Ripple to retest the 12hr demand territory, stretching between $0.56 and $0.63. Interested market players might accumulate XRP tokens at discounted prices. Buyers’ resurgence will incentivize the alt to slice the declining trend-line and run towards the resistance barrier at $0.85. Such a move would lead to a 35% surge. Moreover, the cross-border transaction token can sweep beyond the level to gather liquidity.
The latest plunge in daily active addresses to 91,228 from 163,650 since 27 January supports XRP’s prevailing outlook. The 43% drop shows investors are not interested in Ripple at the current price. Though the metric highlights a potential nosedive for XRP, the 365-day MVRV model suggests an imminent upswing.
This model determines average profits/losses by investors that bought the token within the past year. For now, MVRV hovers at -14.5%, suggesting losses for near-term holders. That provides long-term investors an opportunity to accumulate.
Therefore, enthusiasts may expect Ripple to witness a substantial increase in bullish strength shortly.
Though things seem up for Ripple in the coming sessions, a 6Hr candlestick close beneath $0.56 will cancel the bullish narrative. That way, the remittance coin might explore lows for a steady support mark.
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