Bitcoin price continues its struggle to reclaim the $68,000 mark but has not yet succeeded. Meanwhile, the price remains above $67,000, preventing larger losses. XRP Coin, at the time of writing, experienced a 5% increase while other popular altcoins were in the red, finding buyers at $0.648.
XRP Coin on the Rise
As the article is being prepared, we see the beginning of the end of a 2-3 hour rise. XRP Coin’s price gained 10% on the day, climbing to $0.66, but failed to reclaim the frequently mentioned $0.68 region. This triggered sell-offs, and the price is likely to return to the $0.6-$0.58 region within a few hours.
If surprise profit-taking stops and buyers step in, we might see closures above $0.68. This would target a return to $0.74. However, as the BTC price tends to move away from $68,000, this seems overly optimistic. Even if it surpasses $68,000 before the daily close, sales quickly follow due to high profitability.
Is XRP Coin a Buy?
In the long term, the answer to this question changes according to the belief in the project. Moreover, every investor should make their own research and base their decision on their own conclusions. There are always pros and cons for every altcoin.
However, on-chain and technical indicators can provide a short-term answer to this question, assuming historical data repeats itself. The current view shows that developer activity, which reached its highest level since November on March 13, has rapidly declined. This data is directly proportional to the price.
Daily active addresses have also been stagnant and negative recently. Concerns about the Fed, the possibility of deepening BTC sales, and other factors have shifted risk appetite to speculative movements.
Without a major favorable development in the XRP Coin case, it’s hard to break the pressure of the collective appeal process in the short and medium term. As a result, the risk of XRP Coin’s price dropping to the $0.58 and $0.51 bands continues.
As a bonus detail, the death cross in the chart also supports a downward breakout scenario.
