The flagship of the markets, Bitcoin (BTC), has declined to the $65,000 level. However, the popular altcoin Ripple (XRP) has gained attention with its rise. What are the expectations for the altcoin after its decline? Let’s examine together!
Consolidation Expectations for Ripple
According to cryptocurrency experts, Ripple’s current price movement may generally enter a consolidation phase. The cryptocurrency’s price showed significant resistance by maintaining levels above the previous resistance zones. Additionally, Ripple‘s price shows a general downward trend with slight recoveries during the day. According to the latest data, XRP’s MACD line exhibits volatile movement around the zero line.
This situation may indicate movement between buyers and sellers in the cryptocurrency. Sudden rises in the altcoin’s relative strength index (RSI) may indicate periods of increased buying pressure. However, the positive development in the altcoin does not continue consistently. This suggests that any upward trend is temporary and not strongly supported by constant buying pressure.
Critical Formation in Ripple
The critical formation mentioned in the altcoin is forming at a higher level than before, which may indicate a consistent upward movement. Additionally, experts noted that a different formation, an inverted head-and-shoulders pattern, might have formed in Ripple. However, these examples are complex due to frequently observed levels. This may indicate that bears are making consistent attempts to reverse the upward trend.
The determined levels show that resistance levels, which are important in the cryptocurrency, are being tested more frequently. Additionally, XRP’s social volume has decreased since the beginning of the year. However, it is in a better position compared to a month ago. Social dominance, while not at the peak levels observed in December and January, may be on an upward trend. As a result, XRP’s bears are struggling with bulls, and a significant increase in buying pressure may be necessary to maintain momentum.
