Although Ripple (XRP) price is currently in decline, it may recover soon despite market conditions.
The main factors that could trigger this recovery will be investors' buying and selling decisions.
Ripple Investors Can Buy on the Dip
XRP price is currently at a two-month low, but a recovery is possible for this asset if investors decide to push the price higher again. The Market Value/Realized Value (MVRV) ratio indicates XRP's recovery potential. The 30-day MVRV ratio indicates that investors are at a loss of 6.80% and will likely accumulate. When XRP's MVRV ratio is between -4.3% and -10.5%, the asset's price is generally in a recovery trend, which is often seen before an uptrend.
The odds of selling XRP are currently extremely low as the altcoin market is far from its top. A market top refers to the highest point the market reached before a significant decline. This marks the peak of bullish activity and is observed before a downward trend in asset prices.
A market top is confirmed when the total profit supply of an asset exceeds 95%. However, XRP's total profit supply stands at 70%, and this value is far from indicating a significant decline.
XRP Price Prediction: Will There Be a Comeback?
XRP, which was trading at $0.47 at the time of writing this news, may possibly return from the critical support level of $0.47. XRP's decline was a result of Ripple failing to form a bullish triangle that predicted its native token could rise as high as $0.61.
However, the general bearish trends of the market have pushed XRP below $0.50. The conditions mentioned above indicate a potential recovery in the price of this asset. A bounce from $0.47 could push the price of XRP to $0.51, and if this level is breached, further recovery is possible.
If the $0.47 support is lost, the price of XRP could drop to $0.42. This reduces the price of the asset to its lowest level in the year and completely invalidates bullish expectations.
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