Ripple’s XRP Price Faces Potential Corrections Amid Bearish Market Sentiment
Ripple’s (XRP) price could be facing another round of corrections as market cues turn bearish, with XRP holders also betting against the altcoin. Institutional investors have shown skepticism towards Ripple, with CoinShares’ data revealing minimal inflows for XRP compared to other assets like Polkadot and Litecoin.
Retail investors are also making bearish bets against XRP in the futures market, as indicated by the negative funding rates. This suggests that investors are anticipating a price decline for the altcoin.
Currently trading at $0.50, XRP is holding above the local support level of $0.47. If it falls below this level, the price could drop to $0.42, marking an eight-month low for the token. However, if XRP bounces back from $0.47, it could reclaim the $0.51 resistance level and potentially rise to $0.55.
Overall, the outlook for XRP remains uncertain, with investors closely monitoring the market for any potential price movements. As always, it’s important for investors to conduct their own research and seek professional advice before making any financial decisions.
