Since the market crash, XRP’s price has been witnessing corrections and has yet to show any signs of recovery.
The worst is yet to come, as the token failed to test a long-term bull pattern, hinting at a further price decline., the token’s price had dropped by over 18% in the last seven days. In the past 24 hours alone, the token registered double-digit declines, and it plummeted by 11%.
In the meantime, XRP failed to test a 6-year-long symmetrical triangle pattern as its value dropped below $0.5. AMBCrypto’s analysis of Santiment’s data pointed out quite a few bearish metrics. For instance, the token’s MVRV ratio declined sharply last week.Additionally, the token’s daily on-chain transaction volume in losses spiked sharply in the last few days, which can be attributed to the market crash.However, XRP’s derivatives metric looked bullish. Its Open Interest dropped sharply. This initiated a trend reversal that might happen soon, allowing the token to recover from its recent losses.
The token’s Relative Strength Index entered the oversold zone, suggesting that buying pressure on the token might increase. The Chaikin Money Flow also moved up slightly, indicating a price uptick.Nonetheless, nothing can be said with the utmost certainty, as the global geopolitical scenario has turned unstable.
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