The price of Ripple (XRP) is currently in a downward trend, but it may recover soon despite changes in market conditions.
What drives this rally will be entirely what investors decide to buy and sell.
Ripple investors can buy dips.
The price of XRP is currently at a two-month low, but recovery is possible if only investors decide to push the price back up.
The market-to-realized value (MVRV) ratio shows this possibility. The 30-day MVRV ratio means investors are looking at a loss of 6.80%, which could encourage them to buy. Historically, XRP price tends to recover when the MVRV ratio is between -4.3% and -10.5%, as this often precedes rallies.
Second, it is also very unlikely to sell XRP at this time since the altcoin has not yet reached its market peak. A market top is the highest point reached before a significant decline in the market. It represents the peak of a bull market and precedes a downward trend in asset prices.
Typically, a market top is identified when the total return supply of an asset exceeds 95%. However, XRP's total yield supply is far from falling at 70%.
Read more: How to Buy XRP and Everything You Need to Know
XRP Price Prediction: Rebound
XRP price, which is trading at $0.47 at the time of writing, is likely to rebound from the important $0.47 support level. The fall in altcoins is the result of the failure of a bullish ascending triangle that could see the Ripple native token rise to $0.61.
However, bearish signals from the broader market pushed XRP below $0.50. However, the aforementioned conditions point to a potential recovery that could see the XRP price rise again. A bounce from $0.47 could push the altcoin price up to $0.51, and a break above could allow for further recovery.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, if the $0.47 support line breaks, there is a possibility that it will fall to $0.42. This could push the price of XRP to its lowest point of the year and completely invalidate the bullish logic.
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