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Ripple XRP Price Forecast: Signs of Selling Pressure Indicate Downtrend Ahead

Ripple (XRP) price has been trending downward for most of the month, and these bearish signals are getting stronger. Will the altcoin eventually lose crucial support as long-term holders of XRP lose confidence in the asset?

Ripple investors are losing confidence in the altcoin

Long-term holders of cryptocurrency are one of the most important groups influencing... XRP Price. These investors tend to hold the asset for more than 12 months. Therefore, selling them is a definite bearish signal.

Their actions are noted by the total lifetime consumed when they move their possessions between addresses. The higher the height, the more tokens transferred. In the case of Ripple, their movement has not been as significant as in the past. However, it is a sign that these investors are losing their conviction.

Ripple’s consumer era.
The Age of Consumed Ripple. Source: Feeling

Historically, in such situations, Ripple price has seen corrections most of the time. The same result can be expected this time as well.

  • For the latest Ripple (XRP) price analysis from BeInCrypto,click here>

The downward movement will be confirmed once the Relative Strength Index (RSI) falls below the neutral line at 50.0. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and variability of price movements and indicates overbought and oversold conditions.

Relative ripple strength index.
Relative ripple strength index. Source: Trading View

Therefore, the downside chances will increase if the indicators fall into the bearish zone.

XRP Price Forecast: Loss of Crucial Support

is being exchanged XRP Price Currently above the $0.606 support level. The altcoin has already fallen below the 50-day exponential moving average (EMA). If the support at $0.606 is also invalidated, the cryptocurrency will lose the 100-day EMA as support.

This will lead to a further decline, which could send Ripple to $0.555.

XRP/USDT 1-day chart.
XRP 1-day chart. Source: Trading View

However, according to the Average Directional Index (ADX), the downward trend has not yet strengthened. The latter remains below crossing the threshold of 25.0, which generally indicates that the active trend is strengthening.

Read more: Ripple buys back its shares from its original investors and its market value reaches $11 billion

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