Altcoins
XRP: Despite its recent decline, are better things ahead for the altcoin?
- Analysts have highlighted crucial support for XRP, with potential targets at $1.88, $5.85 and $18.22.
- Technical indicators showed mixed signals, with slight bullish momentum developing.
Despite the recent negative sentiment surrounding XRPAnalysts have remained optimistic about its potential price movements. At press time, XRP was trading at $0.432745with a daily trading volume of $1,133,080,420.
XRP is down 1.04% over the past 24 hours, bringing the live market cap to $24,113,904,871.
XRP analyst Dark Defender has identified technical signals on the weekly chart, highlighting the importance of the Fibonacci support level at $0.3917 in the context of the 5 Elliott waves.
According to his analysis, maintaining this critical support level is essential to avoid structural changes. He projected future targets at $1.88, $5.85 and $18.22.
Additionally, the weekly RSI figures indicated an oversold condition, suggesting a potential reversal in price action.
Source: X
In a related development, market analyst The Block Bull predicted a 6,000% increase in XRP over the next few weeks, driven by a doji candle formation on the XRP/BTC weekly chart.
Mixed signals from daily indicators
Meanwhile, the moving average (MA) (9, 21) crossover showed a potential shift from bearish to bullish sentiment, with the 9-period MA at 0.4291 and the 21-period MA at 0.4281, both slightly below the current price.
Additionally, the MACD (12, 26, close) indicated a recent bullish crossover, with the MACD line at 0.0004 and the signal line at -0.0070.
However, the histogram remained negative at -0.0074, reflecting persistent bearish sentiment.
The RSI was at 46.75, up from a recent low but still below the 50 mark, indicating neutral to slightly bearish territory evolving into a more bullish stance.
Source: TradingView
XRP Commitment Drops Significantly
Santiment’s analysis revealed notable fluctuations in transaction volume and active addresses over the past six months.
Significant spikes in trading volumes coincided with major price movements, notably from late January to mid-February, March, April and early June.
Realistic or not, here it is XRP Market Cap in BTC Terms
Recently, there has been a marked decline in transaction volume and active addresses, which is in line with a downward trend XRP Price.
In early July, transaction volume dropped significantly and active addresses declined, indicating decreased user engagement and potentially signaling investor caution.
Source: Santiment