Ripple (XRP) has faced challenges in breaking above the $0.60 resistance level in recent months, indicating a stagnating trend for the cryptocurrency. Despite these difficulties, XRP maintains a critical support level, providing investors with optimism for potential upward movement.
Institutional sentiment is crucial for XRP to regain upward momentum. Currently, interest remains low, with XRP seeing only $2.3 million in recent inflows, far below competitors like Solana and Litecoin, which garnered significantly higher investments.
Analyst Victor Tan suggests that without substantial news or regulatory clarity, XRP's price remains within a range but could gain 10-15% with favorable development. Enhanced institutional support is necessary for breaking key resistance levels to foster growth.
The Market Value to Realized Value (MVRV) ratio indicates that XRP is undervalued. This underappreciation could attract buying interest, but a significant sentiment shift or market event would be needed to drive a notable recovery in XRP prices.
XRP has struggled with support from the 38.2% Fibonacci Retracement level at $0.52, leading to investor caution. Unless broader market conditions improve significantly, XRP's recovery may be slow, trapped within a narrow range, potentially at risk of further decline.
XRP faces potential decline to $0.47 in bearish scenarios, corresponding to a key support level. Breaking below would negate bullish prospects and likely lead to further price decreases. For more cryptocurrency market updates, follow BeInCrypto's latest news.
