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Ripple’s (XRP) price is likely exhausting the pessimistic sentiment noted in the past few days.
In the future, XRP holders will mostly opt to hold on to their assets or attempt to initiate a buying spree to prevent a bearish outcome.
Ripple Investors Exhibit Patience
XRP price taking a turn for the worse was expected, given it was following a bearish pattern. However, investors have shown resilience by opting not to sell their holdings. The network realized profit/loss indicator shows that the investors are largely witnessing losses following the price decline.
Such instances are usually followed by accumulation or HOLDing. This is because the extent of losses is such that investors prefer to refrain from participating in the network over increasing their losses.
This resilience is further substantiated by the Mean Coin Age (MCA) indicator. This indicator represents the average age of all coins in a cryptocurrency network. It provides insight into the network’s activity level and potential for market movements.
The incline in this indicator is a sign of investors HOLDing their assets, while the decline hints at XRP moving among addresses, i.e., potential selling. This resilience will drive investors to act bullishly, pushing the price back up.
XRP Price Prediction: Defeating the Bears
XRP price drawdown was part of the descending triangle pattern’s bearish outcome. A 25% correction was likely per the pattern, which would have sent the Ripple token to $0.42. However, the altcoin halted its decline at $0.47.
Trading at $0.48 at the time of writing, the altcoin now stands 13% above the anticipated bearish target. On the other hand, the XRP price is only 13% away from reclaiming the crucial support of $0.60.
Considering the above factors, the likely outcome is bullish, with XRP price rising by 13%, which would help it reclaim $0.60, potentially pushing it further.
However, if the support of $0.47 is lost, the 13% decline would be registered, invalidating the bullish thesis and validating the descending triangle.