Ripple’s XRP has been disappointing investors with its price decline since the beginning of the month. The future of the crypto asset remains uncertain as investors exhibit mixed signals. While whales have been accumulating XRP, retail investors are pulling back, resulting in minimal participation on the network and a bearish sentiment.
The addresses holding between 1 million and 10 million XRP have bought over 100 million XRP in the last 48 hours, signaling optimism for recovery. However, retail investors remain bearish, leading to a lack of profits and declining active addresses on the network, flashing a “sell” signal. If retail investors continue to pull back, the altcoin might face challenges in recovering despite the efforts of the whales.
XRP’s price is currently around the crucial support level of $0.473, with the potential for consolidation in the near future. The cryptocurrency is expected to trade within a range of $0.473 and $0.516, with the latter being a key level of support. If XRP manages to reclaim this level, it could potentially reinitiate recovery. However, if the $0.473 support is lost, the altcoin could test the critical support at $0.460, leading to further drawdown.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. Market conditions are subject to change, and individuals should conduct their own research and consult with a professional before making any financial decisions. BeInCrypto is committed to providing accurate and unbiased reporting, but readers should be aware of the risks involved in cryptocurrency investments.
