What’s next for XRP as the altcoin continues to spiral further downwards?
- XRP struggled to stay above $0.50 amid a generally bearish trend. Despite the downturn, a majority in the community remains hopeful that XRP will catch the next bull run.
It is no secret that Ripple [XRP] has been performing quite negatively over the past 30 days or so.
The cryptocurrency, which is the only one with any kind of regulatory clearance in the United States, has been steady with its terrible performance.
Now, the crypto community has all but gone mute over it, and the bulls seem to be hibernating.
Understanding the trend
The price of XRP recently dipped to a low of $0.49, only to make a modest recovery to $0.50. Despite this slight uptick, the overall trend remains bleak, with a 5.4% decline noted over the week.
The currency’s market position is slipping, showing no signs of stopping this downward spiral. If things keep going this way, XRP could hit the $0.45 mark soon.
And if the market mood stays sour, we might even see it drop to $0.4—a real signal of trouble.
On the flip side, if XRP can keep above the $0.50 line, there might be a chance for some bullish action pushing it over the $0.60 mark.
This could pave the way for a stronger rise towards $0.8 in future sessions, but perhaps not in the short term.
AMBCrypto took a look at TradingView. A strong bearish trend is obvious, going by the chart.
XRP started at $0.44, but after the initial recovery, the price oscillated, forming a series of higher lows and higher highs, which is indicative of a potential uptrend.
The price peaks at around $0.5050 before experiencing resistance, which typically leads to a pullback.
Source: TradingView
The $0.50 appears to act as a psychological support level. Each time the price approaches this level, it briefly stabilizes or rebounds, suggesting that investors consider it a value-buying point.
The general crypto community seems to have little expectations for XRP, with talks of the token having gotten significantly low. However, experts are still bullish on XRP for this year.
Source: Coinglass
For instance, Dark Defender strongly believes the token will hit $1.88 before the year is over. Egrag Crypto recently did a poll in the crypto community to see what the sentiments are for the altcoin.
The sentiment within the community appears mixed, as revealed by the poll involving nearly 4,000 participants.
A majority of 60.5% are optimistic about XRP’s prospects, believing that it will not miss out on the upcoming bull run.
Realistic or not, here’s XRP market cap in BTC’s terms
Conversely, 39.5% of the respondents harbor concerns, thinking that XRP might not make it. So, where does XRP stand amidst all this chaos? It’s a tough time, no doubt.
The bulls are missing in action, the bears are having a field day, and Ripple is stuck fighting in court.
Follow AMBCrypto on Google News
Next: Jack Dorsey: Bitcoin to $1M by 2030 – What ‘makes the price go up’?
Source