XRP price settled at $0.60 last month after a new decision in the Ripple-SEC case and continues to trade in this region. The inability to break this level and even falling below it at the time of writing seems to be causing a macro decline, which could change the conditions significantly.
Ripple Accepts Native Token
Like other altcoins, XRP price has mirrored the market-wide declines over the past two days. The crypto asset has fallen below the 38.2% Fibonacci retracement level for the fourth time in six weeks. Access NEWSLINKER to get the latest technology news.
The price movement tied to the $0.60 level, which has failed to break four times, seems to contribute to the developing macro downtrend visible in the Moving Average Convergence Divergence (MACD).
On the other hand, participation in the XRP network is continuously increasing. However, this increase in activity does not seem to trigger growth in the price. Despite the growing network participation, the lack of active addresses raised questions about maintaining current market levels.
It is known that the artificial growth in market participation is not a positive indicator for XRP’s price movement.
XRP Coin Price Prediction
XRP price dropped by 7.5% in the last 48 hours, erasing the recent 9% gain. The sudden change in sentiment specific to altcoins raised questions after the gains in XRP followed by a decline.
On the other hand, XRP price fell below the 38.2% Fibonacci retracement level and was at $0.5742 at the time of writing, below $0.58. If the decline deepens, XRP could fall to $0.52, the 23.6% Fib line, which is also known as the bear market support level, potentially leading to further decline.
On the other hand, if the altcoin follows past patterns, it could continue to trade above the 38.2% Fib line. This could reflect XRP rising above $0.60 again, invalidating the bearish outlook.
