XRP has returned to the $0.6 price mark once again, proving the ability to recover and the presence of buying power. However, there is an important fact to consider that might substantially affect the future of the asset.
The main problem in this situation is that there are not enough new investors to raise the asset's value above what we have already seen. Regretfully, this might change only if there are new entrants onto the market, which is not the case at the moment.
Right now, the price of XRP is approximately $0.6. Significant buying interest may still exist at lower prices based on the recent return to this price point. Important technical indicators to keep an eye on are the 200 EMA and the 50 EMA.
A possible golden cross, which frequently denotes a strong bullish trend, is about to occur when the 50 EMA crosses above the 200 EMA. The general market sentiment is still cautious, despite the positive technical setup. Confirming the short-term bullish outlook is the upward trend of the 26 EMA.
Arman ShirinyanBut the likelihood of a long-term increase is still unclear in the absence of new investors joining the market. Getting new money is what XRP needs. Whale activity appears to be ongoing, as shown by the on-chain data's recent increase in large transactions. But more institutional and retail investors must enter the market if there is to be a significant price movement above the current levels.
Without fresh inflows, XRP is bound to move below yearly highs and consolidate for some time, potentially entering stagnation.
Alex Dovbnya
Valeria Blokhina
Dan Burgin