Category: Forex News

Ripple (XRP) Price Prediction: Can this $42M Signal Turn the Tide?

But, on the bright side, heading into the upcoming week, XRP long-term traders have now reduced their selling pressure significantly.

As of March 17, the Dormant supply in circulation stands at 8.56 million. This represents, a reduction of 56.4 million XRP, worth approximately $42 million , compared to the peak of long-term investors’ selling frenzy last week.

When selling pressure on an asset in decline drops by such a significant margin, it is a prime indicator that the market has now reached a trend reversal point.

In effect, strategic traders could consider this a signal that is a good time to re-enter the market or hedge their short positions. This scenario could put XRP price on the path to another positive start to the coming week.

XRP Price Prediction: Reclaiming $0.63 Could Flip the Momentum

Drawing insights from the $42 million in long-term holders’ selling pressure, XRP price now appears poised for a bullish rebound toward $0.70 in the coming week.

However, in the short-term XRP face major challenge breaking above the 20-day SMA price mark at $0.63.

But if the bulls can establish a steady support base above that vital $0.63 resistance level, a decisive breakout toward $0.70 could be on the cards as predicted.

Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.

Discover more from BIPNs

Subscribe to get the latest posts to your email.