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- The price of XRP has fallen by more than 4% in the past seven days.
- Most market indicators remained bearish on the token.
Like most cryptocurrencies, XRP It has also faced problems recently as it has failed to raise its price. The recent price correction pushed XRP to a critical support level.
This allowed the token to make an upward movement to change the trend. However, if the token fails the support test, things could get worse.
XRP bears lead
Coin Market Cap Data It revealed that the value of XRP has fallen by more than 4% in the past seven days. In the past 24 hours alone, its price has fallen by more than 2%.
At the time of writing, the token is trading at $0.4754 with a market capitalization of over $26 billion, making it the seventh largest cryptocurrency.
AMBCrypto’s analysis of the token’s daily chart revealed the emergence of a descending triangle pattern.
In fact, the token was testing its crucial support zone, giving XRP a chance to rebound. But if it fails to test support, investors may see further price declines in the coming days.
Source: Trading View
what are you expecting?
Given the uncertainty surrounding XRP in the coming days, AMBCrypto planned to take a look at the on-chain token data.
Our analysis of Santiment data revealed that buying pressure on XRP is on the rise. This was evident from the significant rise in exchange outflows last week.
Moreover, its supply on exchanges also decreased, meaning that investors were buying the token.
After the significant decline, the weighted sentiment for the symbol also improved. The rise in the metric meant that investors were confident in XRP and bullish sentiment around the token was growing.
Source: Santiment
The Chaikin Money Flow (CMF) token also looked optimistic as it recorded a slight increase. However, the rest of the indicators looked bearish, suggesting that XRP could fall below its support.
Both the Relative Strength Index (RSI) and Money Flow Index (MFI) registered a decline. Additionally, the MACD dispelled the idea that bulls and bears were in a battle to gain an advantage over each other.
Source: Trading View
Is your wallet green? Check the XRP profit calculator
We then examined Hyblock Capital data to look for upcoming targets for XRP this week. According to our analysis, the bears continue to dominate.
Then investors may see the token drop to $0.445 this week. However, if the bulls intervene and initiate a trend reversal, the token may also regain $0.5 as liquidation will rise at that level.
Source: Hyblock Capital
