2024-3-17 18:00 |
the Ripple (XRP) price follows the path of Bitcoin and other major cryptocurrencies. This is not a good sign for the investors.
Their situation is close to worsening, and should Ripple lose this crucial support; all the profits noted this month would be erased.
Ripple Holders in PerilXRP price has been falling for the past three days as the whole crypto market has been correcting. Due to the influence of Bitcoin, the altcoin is charting red candlesticks on the daily chart, falling through major support levels.
Already, nearly 80% of all gains from the month of March have been lost owing to the decline, bringing the altcoin to trade at $0.625. This drawdown, in addition to the investors, has also affected leverage traders.
Long contracts pining for an increase in XRP price have been losing money as liquidations have dominated the market. In the past 24 hours, over $4.47 million worth of long liquidations have been recorded.
Ripple Liquidations. Source: CoinglassThis will discourage traders from betting on price increases, which would circumvent any possibility of the altcoin attempting a revival again.
Furthermore, technical indicators are also signaling a bearish outcome at the moment. The Relative Strength Index (RSI) has already fallen below the neutral line of 50.0 into the bearish zone. RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions in a security.
Read More: Everything You Need To Know About Ripple vs SEC
Secondly, Moving Average Convergence Divergence (MACD) is also on the verge of noting a bearish crossover. MACD, a momentum indicator, tracks the correlation between two moving averages of a security’s price, aiding in trend identification.
Ripple RSI and MACD. Source: TradingViewCombining the two makes it evident that the likely outcome for XRP will be bearish.
XRP Price Prediction: More Losses on the WayXRP price is trading at $0.612, dropping by 8.5% in the past 24 hours. As the aforementioned instances make it clear that the altcoin will likely see more decline, it could see a fall to $0.606 and beyond.
This would result in the Ripple token losing the crucial 38.2% Fibonacci Retracement support level and wiping out more than 90% of March’s gains. As is, the 50-day Exponential Moving Average (EMA) has been lost as a support. If XRP falls through the 100-day EMA as well, erasing the entire profits noted in the last two weeks.
XRP/USDT 1-day chart. Source: TradingViewBut while the market signals a decline, whales attempt to minimize these losses by accumulating XRP. In the last 48 hours, addresses holding between 1 million and 10 million XRP have added more than 50 million XRP worth over $30 million.
Ripple Whale Accumulation. Source: SantimentRead More: Ripple (XRP) Price Prediction 2024/2025/2030
If this impacts the trajectory of the XRP price, the altcoin will stop before falling below the $0.606 support line and attempting recovery. If the 50-day EMA is managed to be reclaimed as support, the bearish thesis would be invalidated.
The post Ripple (XRP) Price Prediction: Losing This Support Could Erase March Profits appeared first on BeInCrypto.
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