Popular cryptocurrency trader and analyst Michael van de Poppe tweeted yesterday that Ripple (XRP) has entered an area of interest on its weekly chart. According to the post, the price of the token may soon offer a long trade entry for the next cycle. The analyst then tweeted that traders should prepare to buy on dips in the coming weeks.
Meanwhile, the price of XRP fell more than 10 percent last month following the SEC development. According to press time, CoinMarketCap stated that the altcoin price has decreased by 9.50 percent in the last 7 days. As a result, the cryptocurrency was trading at $0.6251.
Van de Poppe attributed the drop in XRP's price last month to long-term holders who saw the opportunity to sell their holdings following the "heavy impulse" XRP experienced. The analyst also emphasized that there is a lack of interest in cryptocurrency markets, leading to steeper price corrections than those witnessed in bull cycles.
XRP price may continue to fall!
Last week, XRP's price fell below the $0.6596 support level, where it continued to trade at press time. Sellers attempted to push the price of the altcoin below the next support level at $0.5890 during yesterday's trading session, but the bulls managed to defend the mark.
However, last Friday, a significant bearish flag was triggered on the altcoin's daily chart when the 9-day EMA line broke below the 20-day EMA line. This indicated that the short-term momentum has shifted in favor of the bears and the price of the altcoin may continue to decline over the next few days.
If the selling volume on the altcoin's chart is too high for the bulls, XRP may look to test the important support level at $0.5380 next week. On the other hand, a daily candle close above $0.6596 will invalidate the bearish thesis. In this scenario, the price of the altcoin could climb to $0.7432 in the next few days.
