• XRP’s price has been declining since mid-July, threatening to reverse its July gains.
• Technical indicators show a strong bearish inclination, with sellers overwhelming the 50% Fibonacci retracement level of $0.6751.
• Quarterly holders are outperforming monthly holders in terms of profit and loss as seen by the MVRV indicator.
XRP Price Slump Threatens to Reverse July Gains
Ripple’s [XRP] prices have drastically changed in the last few days, with the euphoria from Ripple Labs’ partial legal win dissipating afterwards. This extended pullback is threatening to claw back all July gains for XRP. Technical indicators underscore a strong bearish inclination, with sellers overwhelming the 50% Fibonacci retracement level of $0.6751.
Quarterly Holders Outperforming Monthly Holders
The MVRV indicator that tracks profit and loss for tokens that haven’t moved within a specific period shows that quarterly holders are outperforming monthly holders when it comes to profits and losses. Currently, quarterly holders are at 2.5% profit while monthly holders have suffered more losses than them as of press time.
Resistance Levels for XRP
A price rejection at the 50% Fib level could be used to short XRP with targets at 38.2% Fib level ($0.613) or the previous breaker of $0.5850.. A candlestick session close above H12 bearish OB will shift the market structure to bullish and key resistance levels lay ahead at $0.74 and $0.83 if this happens..
Is There an End in Sight?
It is difficult to tell how long it will take for prices to stabilize again as Ripple sellers continue to overwhelm support levels on their way down.. It remains uncertain whether Bitcoin’s [BTC] weak performance could push back corrective rebounds as well.. Until then, investors should remain vigilant about any potential developments that arise in order to protect their investments accordingly..
The information presented does not constitute financial, investment, trading or other types of advice and is solely the writer’s opinion.. Investors should remain vigilant about any potential developments that arise in order to protect their investments accordingly