XRP fails to test 6-year pattern, ‘overvalued’ concerns rise: More decline? 📉🔄
📉 XRP Facing Challenges Amid Market Correction
Ripple’s XRP has been struggling to recover since the recent market crash, showing signs of further decline.
📉 Failed Bull Pattern and Declining Metrics:
XRP fell below key levels, failing to test a 6-year-long symmetrical triangle pattern, which may lead to continued price drops.
💹 Market Data Analysis and Overvaluation Concerns:
Analyzing Santiment's data, metrics like MVRV ratio and NVT ratio indicate XRP was overvalued, with a spike in daily on-chain transaction volume in losses post-crash.
📈 Potential for Recovery Amid Derivatives Outlook:
XRP's derivatives metrics, including Open Interest and Funding Rate, suggest a possible trend reversal and price uptick in the near future.
⚠️ Geopolitical Uncertainty and Price Outlook:
Global instability, particularly in the Middle East, adds to market uncertainty, impacting XRP's direction in the coming weeks.
📊 Support Levels and Price Projections:
Support levels for XRP are identified around $0.46, with potential further decline to $0.42 if the downtrend persists.
Stay tuned for updates as XRP navigates through ongoing market challenges. 🌐
