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Ripple price is following the path of Bitcoin and other major cryptocurrencies. This is not a good sign for investors. If Ripple loses significant support during this process, all profits recorded this month could be wiped out. In the last three days, while the overall crypto market has been recovering, the XRP price has been falling. Influenced by Bitcoin, altcoins are drawing red candlesticks on the daily chart and falling from major support levels.
What to Expect on the XRP Front
Approximately 80% of all gains made in March have been lost due to the downturn, and the altcoin continues to trade at $0.612. This decline has affected not only investors but also futures traders. Long positions that anticipated an increase in XRP price are losing money as liquidations dominate the market. In the last 24 hours, over $4.47 million in long liquidations were recorded.
This situation may discourage investors from making price increase predictions, potentially eliminating the possibility of the altcoin’s revival. Additionally, technical indicators are currently giving bearish signals. The Relative Strength Index (RSI) has already fallen below the neutral 50.0 line, entering the bearish zone. Secondly, the Moving Average Convergence Divergence (MACD) is on the verge of showing a downward trend. As a momentum indicator, MACD helps determine the trend by tracking the correlation between two moving averages of a security’s price.
XRP Chart Analysis
XRP price has dropped by 8.5% in the last 24 hours, trading at $0.612. The aforementioned examples clearly indicate that the altcoin is likely to experience further declines, potentially falling below the $0.606 level. This could result in Ripple losing its significant 38.2% Fibonacci Retracement support level and erasing more than 90% of its gains from March. The 50-day Exponential Moving Average (EMA) has already been lost as a support. If XRP also falls from the 100-day EMA, all profits recorded in the last two weeks will be wiped out.
However, while the market is showing bearish signals, whales are accumulating XRP in an attempt to minimize these losses. In the last 48 hours, addresses holding between 1 million and 10 million XRP have added more than 50 million XRP, valued at over $30 million.
If this accumulation by whales affects the trajectory of the XRP price, the altcoin may halt before dropping below the $0.606 support line and attempting a recovery. If the 50-day EMA can be reclaimed as support, the likelihood of a downturn could be invalidated.
