- Bearish sentiment is reinforced by the fact that XRP’s price is still below the 50-day EMA.
- The price has witnessed a significant 7.18% decline in the last 7 days.
Recent statistics indicate that widespread use of XRP is still in its infancy, with over 3.6M wallets holding less than 500 XRP. Nonetheless, around 17% of all XRP wallets were established since the beginning of 2023, suggesting growing interest.
When compared to the previous value of $7.16 billion in October 2022, the amount of XRP held by large investors, or “whales,” has increased to 27% of the entire circulating supply.
After a court in the United States determined in July that Ripple (XRP) was not a security under certain circumstances, the price of the asset skyrocketed. In the recent weeks, it has lost all of its previous gains and is now among one of the worst-performing cryptocurrencies.
Significant Decline
The technical indicator of relative strength, the RSI, is now at 37, suggesting a negative scenario for the token. Bearish sentiment is reinforced by the fact that XRP’s price is still below the 50-day Exponential Moving Average.
At the time of writing, XRP is trading at $0.4827, up 1.03% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 19.87%. The price has witnessed a significant 7.18% decline in the last 7 days.
If the price goes below the recent low of $0.48 mark then a further decline towards $0.42 is highly likely. If bears further continue their domination then price will likely test the $0.34 support area. Conversely, if the bulls intervene and drive the prices above $0.50 then a fresh rally eyeing $0.52 level is on the cards.
