Ripple Price Prediction: Multiple Indicators Signal More Downside Potential for XRP
Since its victory over the U.S. Securities and Exchange Commission (SEC) on July 13th, the price of XRP has dropped significantly by 47%. Currently, the trading price of XRP is $0.507, and on-chain indicators indicate a growing bearish sentiment, forming a bear market.
The 30-day average of active addresses in the past 24 hours is currently at 15,500, a decrease of 89% from the peak of 144,700 on August 13th. This sharp decline suggests waning interest among XRP investors, which in turn implies capital outflow.
XRP 24-hour Active Addresses, Source: Santiment.
Furthermore, network growth has also shown a steady declining trend, with lower highs. As mentioned above, this index further reinforces the decrease in investor interest.
XRP Network Growth Trend, Source: Santiment.
The realized profit/loss indicator puts the final nail in the coffin, as it shows negative values after August 1st, indicating that investors are selling their holdings and realizing losses.
XRP Network Profit/Loss, Source: Santiment.
With multiple bearish on-chain indicators, investors are increasingly anticipating a downward movement in the price of Ripple (XRP). Currently, after flipping the resistance level at $0.541 into a support level, the token's trading price is $0.507. If buyers fail to push for an upward momentum, it could trigger a 19% decline towards the next key support level at $0.407.
XRP/USDT 1-day Chart, Source: TradingView.
If the price of XRP manages to flip the resistance level at $0.541 into a support level, the bearish argument would be invalidated. In such a scenario, XRP price may attempt a 23% increase, targeting the next key level at $0.665.
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