Ripple (XRP) Price Update: Bearish Signals Emerging
As a cryptocurrency investor, you may need to brace yourself for potential corrections in Ripple’s (XRP) price soon. The market sentiment is turning bearish, and many XRP holders are anticipating a price drop.
Ripple Facing Investor Concerns
- XRP’s price is expected to decline in the upcoming days due to diminishing support from investors.
- Institutional investors have shown hesitancy towards the Ripple token since the start of the year.
- According to CoinShares’ institutional flows data, XRP only saw inflows of $0.3 million by the week ending April 12, the lowest among various assets.
- Other altcoins like Solana and Ethereum also experienced outflows during the same period.
Retail Investors Join the Bearish Trend
- Retail investors are following the lead of institutional investors by taking bearish positions on XRP.
- Traders in the futures market have been betting against the altcoin, as indicated by the negative funding rates.
XRP Price Outlook: Possible Multi-Month Low Ahead
- Currently, XRP is trading at $0.50 and holding above the $0.47 support level.
- A breach of this support could push the price down to $0.42, marking the lowest level since August 2023.
- Conversely, a rebound from $0.47 could propel XRP towards the $0.51 resistance-turned-support level, potentially leading to a rise to $0.55 and negating the bearish scenario.
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