According to the expert technical analysis, XRP appears bearish as it has broken the crucial support level of $0.55. Additionally, it has entered a downtrend as it falls below the 200 Exponential Moving Average (EMA) on a daily time frame. With the ongoing price decline and the bearish market sentiment, there is a strong possibility that XRP could reach the $0.465 level in the coming days.
Bearish On-Chain Metrics
In this recent price crash, it is the bulls of XRP who have been hit hard. According to the on-chain analytics firm Coinglass, bulls have liquidated a significant $10.53 million worth of long positions, while short sellers have liquidated only $0.85 million in the past 24 hours.Additionally, XRP’s market sentiment is strongly bearish as its long/short ratio currently stands at 0.90 (a value below 1 indicates bearish market sentiment among traders). $XRP
