2024-4-17 16:53 |
As the crypto market continues to fluctuate, investors are watching the movements of popular coins like Ripple’s XRP. Recent indicators suggest that XRP may be on the brink of facing significant selling pressure, potentially leading to a further decline in its price. This article delves into the signals pointing towards a possible downturn for XRP and what this could mean for traders and investors.
XRP Downtrend and Losing SupportOver the past month, XRP saw a notable downtrend, with its price falling below crucial support levels. The loss of support from the 50-day and 100-day Exponential Moving Averages (EMAs) has raised concerns.
These technical indicators signal changes in market sentiment and price direction. With XRP struggling to maintain these levels, the downward trend might continue.
Long-Term Holders Losing ConvictionAnother troubling sign for XRP comes from the behaviour of its long-term holders. These investors, who typically hold assets for extended periods, have sold their XRP holdings. While the impact of these movements may not be as significant as in previous instances, they still indicate decreased confidence among long-term holders. In the past, similar indicators have predicted corrections in XRP’s price. And it suggests increased selling pressure sooner or later.
The Relative Strength Index (RSI), a popular momentum oscillator, provides further insight into XRP’s current market conditions. A fall in the RSI below 50.0 is typically a bearish signal, indicating potentially oversold territories. Should XRP’s RSI continue to decline and breach this critical threshold, it could further contribute to a downward spiral in price.
Crucial Support Levels and Potential Downside TargetsXRP is hovering around the $0.46 support level, but if XRP drops below that, it risks losing support from the 100-day EMA, potentially opening the door to further downside movement. Analysts have identified the $0.41 level as a downside target if selling continues.
The signs are stacking that XRP could be facing significant selling pressure in the near term. With the loss of key support levels, waning confidence among long-term holders, and the potential for oversold conditions indicated by the RSI, XRP may continue the downward trend.
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