What’s Next for XRP Now That Bears Remain in Control
Journalist.
- The price of XRP has fallen by over 4% in the last seven days.
- Several metrics and indicators pointed to the possibility of a trend reversal. Altcoins experienced price increases, allowing several to increase their market capitalization. While the prices of certain altcoins rose, and XRPbehaved differently. AskFX examined the situation
to see if the negative price movement would influence the altcoins’ bull rally.
XRP is not performing on par
Recently, a well-known crypto analyst published a tweet about X highlighting an interesting development. According to the tweet, altcoins are now free from a falling wedge that has existed for more than two years. When prices break out of a falling wedge, it usually indicates an uptrend. AskFX’s analysis of crypto prices revealed that the pattern was being tested as several altcoins posted price gains. Last week Ethereum [ETH] grew by 2.5%. In addition to Solana [SOL] Cardano [ADA] the kings of altcoins
they also recorded weekly gains of over 8%
and 7%[ETH] respectively.
XRP bears are still holding the price of the token. According to CoinMarketCap, XRP is down over 4%.According to CoinMarketCapthe price of XRP has fallen.
The token was priced at $0.5069 at the time of writing, with a total market cap of $27.5 billion. This makes it the sixth largest cryptocurrency. After the surge on January 31st, the token’s social volume plummeted. This suggests that not many people have talked about it. In addition, network activity has also decreased. AskFX analyzed Santiment data and found that the number of daily active addresses for XRPdecreased last week.
The growth of the network has also decreased, meaning fewer addresses have been created to transfer tokens. Source: Santiment.
Here’s the good news.
There was still some good news as the chances of the token recovering seemed quite possible.
Crypto Michael (another crypto analyst) posted a tweet stating that he expects the price of XRP to rise soon. The tweet said that XRP is in a falling wedge pattern and a breakout could begin an uptrend.
We reviewed XRP metrics to better understand this result. We found that XRP’s MVRV has recovered despite the price drop.
The high whale transaction count of the token was another bullish indicator, suggesting that major players were trading the token.
Santiment
What is the current value of 110,000 XRPs?
The MACD for XRP showed an uptrend in the market. Additionally, Chaikin’s Money Flow (CMF), which measures the token’s money flow, also showed a significant increase, indicating a possible trend reversal. It will be interesting to see if
XRP can color its chart green like other altcoins.
TradingView
