Will XRP Bulls Prevail, or Is It Time to Sell?
XRP price is under pressure, slipping when writing. However, bears have failed to reverse March 11 gains, a net positive for prices
XRP is trading around important support levels following sharp losses in the past day and week. At the time of writing, the coin is changing hands at $0.59, down 4% in the last 24 hours—extending losses to 14% in the previous week. Although buyers might flow back, the current price formation favors selling.
As it is, bears may reverse the gains of March 11, diffusing the upside momentum. However, buyers have a chance since sellers have been unsuccessful in pushing prices lower, below the current consolidation. As XRP prices drop, its market cap is also down 4% in the last day to over $32 billion. At the same time, the uncertainty on prices has seen trading volume rise by 90% to $3.4 billion in the last day.
Traders can watch out for the following Ripple and XRP news that might shape prices today:
- On-chain data shows that XRP activity and active addresses are rapidly falling. Usually, the higher the interest in a project, the more on-chain activity there is. However, this is a sentimental product, highly influenced by prices in the secondary market.
- The crypto community, including XRP’s, continues to keep track of Bitcoin prices. It is considering the direct correlation. If prices keep falling, the odds of XRP dumping towards $0.45 will be high.
XRP Price Analysis
XRP/USD bulls are optimistic.
So far, buyers have kept prices above the $0.59 support and March 11 lows.
However, this will change if prices fall today, extending recent losses.
Conversely, a recovery above this level might trigger demand, aligning prices with the bulls of March 11.
Considering the consolidating prices, risk-on traders can wait for a clear breakout.
Gains above $0.66 might lift XRP to $0.74 and March 11 highs.
Further losses could see the coin crash to February lows of around $0.50.
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