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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Worrying Signs For XRP: Price Tumbles As Demand Dries Up

Christian Encila
Christian Encila
1 year ago
3 mins read
XRP

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Since technical indicators show a worrying picture of the price of the altcoin, crypto investors are closely monitoring Ripple (XRP). XRP has entered what many analysts consider as a bearish zone after closing below its 20-day exponential moving average (EMA) for four straight days.

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Using the average price of XRP over the past 20 days as a resistance level, this technical indicator points to a possible change in market mood. Given the present price trading below this important benchmark, economists worry a drop in demand could be just ahead.

XRP was trading at $0.52 at the time of writing, down 0.3% and 3.1% respectively, data from Coangecko indicates shows for the last 24 hours and seven days.

Demand For XRP Loses Steam

XRP’s momentum indicators provide insights on the strength and direction of price fluctuations, therefore fuelling the bearish fire. Currently positioned below their neutral points are both the Relative Strength Index (RSI) and the Money Flow Index (MFI). This implies that investors might be aiming to sell existing XRP holdings instead of building more, therefore reducing the buying demand behind the coin.

Source: Santiment

A notable decline in XRP’s active on-chain addresses further sows gloom. Data from Santiment indicates that over the past month daily active addresses on the XRP network have dropped by thirty percent. Since this drop in general network activity and user involvement suggests a pricing fall is likely to follow.

Profit Amidst The Gloom?

For XRP bulls, there remains some faint hope though. Fascinating statistics show that daily traders are still able to make profit. Daily transaction volume in profit compared to loss analysis of XRP reveals that 1.16 transactions produce gains for every transaction ending in a loss. This implies that, in spite of the general negative attitude, short-term trading prospects could remain for qualified investors able to profit on market volatility.

XRP market cap currently at $28 billion. Chart: TradingView.com

MVRV Ratio Offers A Different Perspective

The negative Market Value to Realised Value (MVRV) ratio for XRP could also appeal some investors. This statistic basically contrasts the average price at which all XRP tokens were bought with the present market price of XRP.

A negative MVRV ratio indicates that XRP is undervalued right now, hence investors looking for assets selling below their historical price points might find a buying chance.

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XRP Price Forecast

Technical indicators point to a pessimistic market, although the present XRP price projection shows a 20% increase to $0.626627 by July 1, 2024. At 72 the Fear & Greed Index reflects high investor greed, implying significant purchasing activity but also a risk of overbought conditions and possible market falls should sentiment change.

Source: CoinCodex

XRP has experienced approximately identical numbers of days with price gains (47%), over the past thirty days. This strikes a mix between pressures to purchase and sell.

The price has changed by 2%, generally in line but clearly in change. This harmony implies that the market is stable, which helps to explain the present negative attitude even with a good long-term price projection.

Featured image from Verywell Mind, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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