After the decline in the cryptocurrency market last night, price movements have come to a halt. However, XRP's price movements show a positive outlook. This situation can be considered as the preparation process of the technical formation in XRP before a possible bullish movement.

According to CoinMarketCap data, it is observed that XRP acts independently of the market. In the last 24 hours, the XRP price increased by 0.54% to $ 0.6025. The market volume was over 33 billion dollars. Looking at weekly price movements, it appears that a long-term descending channel formation has formed. This formation emerged during stagnant market conditions in July last year and is still ongoing. XRP's on-chain data offers important clues about whether a possible upward scenario will occur. According to Santiment data, a decrease in transaction volume was observed during the period when XRP experienced a price decrease. This shows that investors are reluctant to sell their XRP at low prices. Additionally, a decrease in the supply on the stock exchanges may create a supply shortage and increase purchasing pressure.

The fact that XRP is not selling at low prices could be a positive signal for investors:

  • A decrease in supply on exchanges could create the potential for future price increases.

  • It is important to follow on-chain data and market indicators closely.

XRP's fear and greed index is currently at 62, indicating that the market is in the “greed” zone. This may increase the possibility of a price correction. A downward trend is also noticeable in other indicators. It was observed that XRP touched the upper limit of the Bollinger Bands and retreated. This move may just be a correction, and if so, there may be a possibility that XRP will rise again in the coming days.

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