XRP Down 9%: Ripple Bears Dominate As Smart Money Sell

XRP is volatile and bearish but moving horizontally at spot rates. There are pockets of strength, considering the wide-ranging doji bar of July 8. Though prices turned to green, partially reversing those of July 7, buyers don’t stand a chance, at least for now. Technically, the downtrend set in mid-April remains unless there is a decisive close above $0.55. In that event, XRP could float to $0.75, especially if there is a spike in trading volume.

So far, XRP is in green in the past day, adding 3%. The problem is that the coin is still deep in red, dropping by 9% in the previous week. As things stand, the average trading volume is unusually higher, nearly 2X in 24 hours, rising to over $1.3 billion. It remains to be seen whether there is an accumulation in progress or if sellers are preparing to offload in a distribution. If the latter is the case, there will be more pain for holders.

XRP Daily Chart for July 9

Traders and investors are closely monitoring the following XRP and Ripple news:

  • From sentiment analysis, though the “crowd,” mainly made up of retailers, is bullish, it is emerging that the smart money or institutions are slightly bearish on XRP. Usually, smart money or institutions win, questioning the current strength of buyers.
  • A Ripple partner, Contact, has partnered with Accenture to utilize the XDC Network in their quest for tokenization. The blockchain company is at the forefront of tokenization, believing the XRP Ledger will be a top tokenization platform in the coming months.

XRP Price Analysis

Despite recent gains, XRP/USD is bearish.

The sell preview holds as long as prices trend below $0.46, a resistance level, and previous support.

In the short-to-medium term, every high may offer entries for aggressive sellers, targeting $0.40 and last week’s lows.

Note that last week’s loss represented a decisive, comprehensive breakout from the multi-week consolidation after the April sell-off.

This will be reversed ideally if prices break $0.75.

However, XRP bullish momentum will take shape if prices expand above $0.55 in the medium term.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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