After several weeks in decline, Ripple sellers seem to be running low, evidenced by a slowdown in the price drop.
At the time of this writing XRP is trading at $0.66, accumulating a loss of 2.95% in the last 24 hours and 4.15% in the last 7 days.
It is clear that the losses have not gone unnoticed. This cryptocurrency went on to lose up to 74% in a matter of 69 days, which has created a clear bearish direction in the medium and short term.
But could the crash be coming to an end? Find out below.
Ripple price drop shows important signs of exhaustion
When we look at the weekly XRP vs USD chart, we notice a clear downtrend composed of lower and lower lows and highs.
Despite this, the supports created by the bullish dominant direction of previous months, are defending the price of Ripple during the fall, which may be generating some hope for buyers.
We recently saw how the price hit a multi-month low at $0.50. Then, we quickly saw significant buying pressure, showing exhaustion from sellers, and a false break in support around $0.62.
The impossibility of marking a lower minimum cash, tells us of a possible bottom of the fall, which worked as a retracement of a larger uptrend.
We still don’t see a clear buy signal. We may first see some more losses. But, the little bearish force may be quickly engulfed by buying pressure, from those who wish to take advantage of low prices to accumulate.
Long-term uptrend may lead to XRP much higher
Unlike other cryptocurrencies, the price of XRP did not benefit too much from the bull run we saw a few months ago. This was mainly due to Ripple’s creators ‘ legal issues with the SEC.
However, in case the bull market does not end yet (as many expect), XRP would benefit without a doubt.
We see in the monthly chart how after long years correcting, the price of Ripple managed to wake up strongly to resume its long-term trend.
Now what we may be seeing is a correction by visiting the 88% Fibonacci level, and then starting a momentum towards -61.8%, which coincides with the all-time price high reached in 2018.
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