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Recent CoinMarketCap data reveals that XRP has returned to the red zone. This unusual bearish trend comes amid gradual improvement in the broader crypto ecosystem.
XRP spirals downward
XRP, currently ranked the seventh largest digital asset on the market, is exhibiting a downward trend in its price. XRP, which crossed the $0.6 mark only a few days ago, is now trading at $0.5994, down by 0.5% in 24 hours.
Gamza KhanzadaevAccompanying the recent decline in XRP's price is a drop in trade volumes. This suggests that more investors are becoming less optimistic about the asset's potential. XRP’s trading volume decreased by 14.8% in the past day to $970,446,770, with a market capitalization of $33 billion.
XRP’s current movement suggests that sellers are dominating. However, buyers can seize opportunities on the market by bringing XRP back to the $0.60 level. This level is the next critical resistance, as a pullback from here could stop XRP from climbing toward $1 in the midterm.
XRP’s potential for recovery
Despite the drop in XRP’s price, investors' sentiment remains bullish. This can be linked to expectations of epic growth in XRP’s price this fall. As U.Today reported earlier, historical trends show that XRP might be profitable over the next three months.
Based on average outcomes over the last 10 years, XRP is expected to rise by 15.3% in September before declining by 3.49% in October. By November, XRP is expected to increase by 70.4%. Also, December shows a historical 75.3% growth for the price of XRP.
Godfrey BenjaminIt is not uncommon for XRP to experience price increases during the last months of the year. In light of this, investors have every reason to anticipate some improvement in the XRP price this fall. They should, however, limit their expectations, as nothing is ever certain on the crypto market.
Yuri Molchan
Tomiwabold Olajide