XRP’s price might experience a further 9% decline as traders recognize losses exceeding $130 million.
FUNDAMENTAL OVERVIEW:
- Since the start of January, XRP traders have incurred losses totaling $130.24 million amid a decline in Ripple’s price.
- A 34% reduction in active addresses from January 1 indicates diminishing demand and relevance for the altcoin.
- XRP’s price faces a potential 9% drop to $0.50.
XRP’s value has declined by approximately 25% in recent months, despite expectations within the community for the approval of a Spot XRP ETF following the SEC’s endorsement of Bitcoin ETFs. Despite this anticipation, investors holding XRP have experienced significant losses in January, as indicated by on-chain data. This trend suggests a potential additional 9% decline for Ripple’s token if the current trajectory continues.
Investors holding XRP have incurred losses exceeding $130 million.
As per on-chain data by crypto intelligence provider Sentiment, XRP holders have recorded losses amounting to $130.24 million since the beginning of January.
Ripple CEO Brad Garlinghouse expressed optimism about the prospect of a new chair at the SEC, emphasizing the positive trajectory of Ripple outside the US amid regulatory scrutiny. Garlinghouse foresees a more transparent market for the XRP ecosystem, having gained clarity.
RIPPLE TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Ripple is currently trading within a down channel.
Ripple is positioned below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Selling zone, while the Stochastic oscillator suggests a Negative trend.
Immediate Resistance level: 0.54
Immediate support level: 0.53
HOW TO TRADE RIPPLE
Following a notable surge, Ripple encountered resistance and entered a prolonged consolidation phase within a specific range. Currently, Ripple is hovering near a crucial support zone, and a potential downside is anticipated if this support level is breached.
TRADE SUGGESTION- LIMIT SELL– 0.52, TAKE PROFIT AT- 0.48, SL AT- 0.55.