Ripple’s (XRP) price action has continued to disappoint investors, and the altcoin has been on a downward trend since the beginning of the month.
Going forward, cryptocurrency assets could see a period of bottoming as investors show mixed signals.
Ripple investors seem unsure.
XRP price is showing mixed signals as whales look for recovery options while retail investors continue to decline. Addresses holding between 1 and 10 million XRP bought more than 100 million XRP in the last 48 hours.
This $47 million accumulation is instrumental in kickstarting the recovery, considering the XRP price is trending lower and lower every day.
However, retail investors do not seem to share this optimism as they remain bearish. Their network participation is declining noticeably due to a decline in active addresses.
Investors are likely to refrain from trading on the network due to lack of profitability. The difference between these prices and Daily Active Addresses (DAA) is flashing a “sell” signal.
IfRipple holders continue to sell off, the altcoin could face significant resistance in mounting a recovery plan. This could nullify any attempts by whales to push prices back up.
Read more: How to Buy XRP and Everything You Need to Know
XRP Price Prediction: Steps to Making a Bottom
Trading at $0.474 at the time of writing, XRP price is near the important support level of $0.473. Despite the massive accumulation by whales, the aforementioned clues support the sideways momentum of altcoins.
This could limit the cryptocurrency asset to between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci retracement, known as bear market support. The chances of regaining this are slim, but if this happens, the price of XRP could bounce back.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, a breakdown of the $0.473 support could force the altcoin to test the important support at $0.460. Loss of this support could invalidate the bullish-neutral logic and lead to further declines.
