Altcoins News
By James Thorp
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Ripple’s XRP, one of the most widely traded cryptocurrencies, is currently facing a tough period, with bearish signals and concerns of a potential 50% correction.
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XRP’s recent price action has been unsettling. After peaking at $3.40 earlier this year, the asset experienced a sharp 35% drop, trading as low as $2.10.
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Historically, similar patterns in XRP’s price have led to significant corrections. In 2018, for example, XRP reached over $3 before plummeting more than 90%, dropping to $0.30.
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Currently, XRP’s NUPL has fallen into the “denial” zone, suggesting that many investors are in denial about the ongoing bearish trend.
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Despite these bearish signals, not all hope is lost for XRP holders. Institutional investors are still backing the asset, with many viewing the regulatory developments in the U.S.
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According to crypto analyst BitGuru, there are signs of a potential reversal for XRP. The cryptocurrency has found strong support near the $2.
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The broader market environment also plays a role in XRP’s future. The last quarter saw institutional outflows, driven by whale hedging losses, which contributed to a broader…
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In conclusion, XRP’s price remains under pressure, with bearish trends and on-chain metrics indicating the risk of a 50% correction.
The Currency Analytics
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