XRP is currently experiencing a strong correction cycle after testing a multiyear resistance trendline. The cryptocurrency has dropped 18.5% from its recent high and is expected to face further selloffs in the coming weeks. XRP’s technicals suggest an extended correction, with a downside target around $0.50. The supply distribution data also indicates bearish sentiment, as a significant amount of XRP has been transferred to exchanges, potentially for selling. Institutional investors have been derisking their XRP holdings, with outflows from XRP-related investment vehicles. Despite the current decline, some analysts believe that the overall uptrend for XRP is still intact and anticipate a resumption of the bull trend. Trade analysts expect XRP to rise to $0.80 in the near future. Another analyst predicts that XRP could reach $4.20 in 2024 based on past breakouts. It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Summary:
– XRP is undergoing a strong correction cycle after testing a multiyear resistance trendline.
– The cryptocurrency has dropped 18.5% from its recent high and is expected to face further selloffs.
– Technical indicators suggest an extended correction, with a downside target around $0.50.
– Supply distribution data shows bearish sentiment, with a significant amount of XRP transferred to exchanges.
– Institutional investors have been derisking their XRP holdings, with outflows from XRP-related investment vehicles.
– Despite the current decline, some analysts believe the overall uptrend for XRP is still intact.
– Trade analysts anticipate a resumption of the bull trend, with price targets of $0.80 in the near future and $4.20 in 2024.
