XRP price stagnates around $0.60 for six weeks, potentially leading to macro bearishness.
MACD indicates waning bullish momentum, with possible bearish crossover looming.
Price could drop to $0.52 support or recover above $0.60, depending on market conditions.
Ripple’s XRP finds itself in a precarious position as its price continues to hover around the $0.60 mark, a level it has struggled to break free from for the past month and a half.
This prolonged period of stagnation is gradually eroding bullish sentiment, potentially setting the stage for a shift towards macro bearishness in the XRP market.
The recent broader cryptocurrency market downturn has not spared XRP, pushing its price below the critical 38.2% Fibonacci Retracement level for the fourth time in six weeks.
Source: TradingView
These repeated failures to sustain rallies are contributing to a growing bearish narrative, as evidenced by the Moving Average Convergence Divergence (MACD) indicator.
The MACD, a key tool for gauging trend momentum, suggests that XRP’s bullish momentum is waning, with a bearish crossover potentially on the horizon. Such a development could trigger further price declines, marking the first significant bearish signal since early July.
XRP network sees consistent participation spikes
Paradoxically, XRP’s network has seen consistent spikes in participation, yet this increased activity has not translated into tangible growth. The disconnect between rising engagement levels and stagnant active address counts raises concerns about the sustainability of current market trends.
This discrepancy suggests that while existing XRP holders are maintaining price stability, the asset is struggling to attract new market participants or generate significant upward momentum.
The recent market volatility has taken a toll on XRP’s price, with a notable decline over the past 48 hours effectively erasing the gains accumulated over a longer period.
XRP has slipped below the crucial 38.2% Fibonacci Retracement level at $0.58. Should bearish conditions intensify, the token could potentially retreat to the $0.52 mark, coinciding with the 23.6% Fibonacci level. This zone, often referred to as the bear market support floor, could serve as a critical bulwark against further declines.
