Ripple’s price (XRP) struggles to hold above $0.48 on Tuesday and seems ready to extend its recent decline. According to Santiment data, investors have realized losses on their token holdings in the past ten days. This is typical of market capitulation, with traders likely distributing their tokens at a loss and expecting a decline in the asset’s price.
XRP has steadily declined since the June 17 high of $0.5213, down to $0.47 on Tuesday.
XRP NPL, supply on exchanges and price
Ripple started its downward trend on March 11, wiping out over 35% of its value till June 25. XRP price trades around $0.4750 on Tuesday, and the altcoin is likely to extend its losses and dip to support at $0.4508, the June 7 low.
Ripple’s drop to $0.4508 would mark a 5% correction in the altcoin’s price. If XRP extends losses further, it could find support at the April 13 low of $0.4188 for an additional 7% fall.
Moving Average Convergence Divergence (MACD) indicator supports the bearish thesis. The red histogram bars below the neutral line signal the underlying negative momentum in Ripple’s price trend.
On the contrary, a daily candlestick close above $0.4955, the 23.6% Fibonacci retracement of the decline between the March 11 top of $0.7440 and the April 13 low of $0.4188 could invalidate the bearish thesis.
XRP/USDT daily chart
If Ripple price closes above the resistance at $0.4955, XRP could target the Fair Value Gap between $0.5008 and $0.5164. Further up, the next key resistance is $0.5330, the June 5 high.
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