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Ripple's XRP coin faces the risk of a sharp correction in this trend

The price recovery of Ripple (XRP) will largely depend on the broader crypto market and investor behavior.

However, neither side is in favor of higher prices, which could cause serious damage to XRP holders.

Ripple investors take a step back

To try XRP price movement Up, but at first glance the effort will be thwarted. This is due to the fact Ripple is experiencing a decline In the hands of its investors, particularly traders.

Bearish bets against XRP have increased in the futures market, as evidenced by the funding rate.

The funding rate in cryptocurrency futures trading is the fees paid or received by traders who hold leveraged positions overnight. Market conditions determine this and balance the market between long and short positions. In general, positive funding rates indicate the dominance of long contracts, while negative rates indicate that short contracts are preferable.

XRP is experiencing negative funding rates, indicating that traders are betting that prices will fall.

XRP funding rate.
XRP funding rate. Source: Quinglass

At the same time, the market as a whole is also showing a decline, as evidenced by the Relative Strength Index (RSI). The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and variability of price movement. It is used to identify overbought or oversold conditions of an asset.

Given that XRP is struggling to secure the neutral line at 50 as support, a bearish outcome seems rather likely.

Learn more: How to buy Ripple XRP currency

XRPRSI. Source: Commercial view

Ripple XRP Price Prediction: Another Drop

XRP price trading at $0.51 indicates a possible breakout of the symmetrical triangle pattern in effect since early April.

The symmetrical triangle pattern is a technical analysis formation characterized by converging trendlines. This indicates a period of consolidation before a potential breakout. This usually indicates indecision in the market and can lead to an upward or downward movement.

Given the above conditions, it is likely that XRP price sees downward movement, which could lead to a decline to $0.47. A fall above this support extends losses by a factor of approximately $0.42.

Read more: Ripple (XRP) Price Forecast 2024/2025/2030

XRP price analysis.
XRP price analysis. Source: Commercial view

On the other hand, a $0.51 reversal towards the support floor could represent a significant milestone. In fact, this would allow the altcoin to invalidate the bearish thesis and allow The price of XRP finally got a 27% increase Reach the target of $0.65, derived from the triangle pattern.

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الأسواق,تحليلات تقنية,تحليل الريبل (XRP)