XRP is stuck in a sideways movement, which has prevented its price from reaching a new all-time high (ATH).
The lack of significant movement has prevented the altcoin from moving higher, frustrating investors. XRP’s recent performance highlights the growing bearish sentiment among traders.
XRP traders are uncertain
Traders are increasingly inclined to sell XRP rather than bet on a rally. The Long/Short ratio currently shows short contracts dominating long contracts, reflecting a monthly low.
This imbalance highlights a bearish market sentiment, with investors expecting a drop rather than a rise in the cryptocurrency’s price.
The predominance of short contracts suggests that most traders are bracing for the altcoin to lose value rather than recover. This bearish outlook reflects market uncertainty and could keep the price under pressure in the short term, especially without significant bullish catalysts.
XRP Long/Short Ratio. Source: Coinglass
The macro momentum is also showing bearish trends, with the Relative Strength Index (RSI) falling. This decline indicates that bearish momentum is gaining strength, increasing challenges for buyers. However, the RSI remains above the neutral line, suggesting that selling pressure is not yet overwhelming.
The RSI position leaves room for a potential recovery, but the downward trajectory is a warning sign for cautious investors. Without an increase in buying activity, XRP could face further consolidation or even a downward breakout, emphasizing the need for traders to monitor the momentum closely.
RSI do XRP. Fonte: TradingView
Price prediction
XRP is currently consolidating between $2.73 and $2, a range it has been stuck in for the past three weeks. This prolonged consolidation has prevented the altcoin from breaking out, delaying its chances of forming a new ATH and leaving it vulnerable to market shifts.
The current all-time high price of $3.31 remains 48% away from its trading price of $2.24. For XRP to target this level, it must first break out of its current range and flip $2.73 into support. Such a move would signal renewed bullish momentum and set the stage for a potential move higher.
XRP Price Analysis. Source: TradingView
If XRP fails to hold above the critical $2 support, the bullish thesis will be invalidated. A drop below this level could lead to a sharp drop, putting the altcoin at risk of further losses.
The article XRP Forecast: What to Expect After Traders Stop 48% Rally appeared first on BeInCrypto Brazil.
