The XRP price has been stagnant for the past four weeks, struggling to regain bullish momentum, which has lowered profitability for key holders and put extra pressure on the cryptocurrency. Investors are worried about its future trajectory amid emerging bearish indicators.
The Market Value to Realized Value (MVRV) Long/Short Difference for XRP turned negative recently, signaling parity between long-term and short-term holders, highlighting the persisting uncertainty surrounding XRP. This lack of momentum could make XRP vulnerable to further corrections.
From a technical standpoint, XRP is showing signs of weakness with its exponential moving averages forming a 'death cross', which is a bearish signal. If the broader market crashes, this could prolong the negative impact on XRP's price.
XRP's price is currently above the 38.2% Fibonacci Retracement line at $0.52, serving as a key support level. It faces resistance at $0.55, forming a consolidation range. This suggests XRP will likely remain in this range without significant external catalysts.
If the death cross triggers further downward pressure, XRP might lose its $0.52 support and drop to $0.47, indicating a potential significant correction.
