XRP News: Bearish Pressure Mounts, But Signs of a Price Bottom Emerge

XRP Faces Increased Bearish Pressure, But Signs of Price Bottom Emerge

XRP dropped below $2 as heightened risk-off sentiment rocked the crypto market. Despite the decline, XRP’s 30-day MVRV Ratio indicates prices may have found a bottom. XRP could bounce off a descending channel’s lower boundary if it fails to recover the support NEAR $2.00. Ripple’s XRP declined 10% on Monday, trading around $1.96 after odds of its price plunging below $2.00 skyrocketed to 81% on prediction platform Polymarket. Bettors anticipated XRP’s decline amid market-wide risk-off sentiment.

XRP Active Addresses Surge Despite Price Drop

The number of active XRP addresses has more than tripled from February 21 to March 10, according to Glassnode data. Despite a 10% price drop on the day, the XRP community might be holding on amid expectations of a final decision on the Ripple lawsuit on April 16. As of March 10, XRP maintains over 370,000 active addresses, significantly above previous levels. Additionally, XRP’s exchange outflows from Binance have declined.

Analyst Recommends Buying XRP Only If It Reaches Certain Level

XRP has declined by 19% in the past week amidst broader market downturn and bearish sentiment. Despite long-term optimism, one technical analyst warns that the short-term outlook for XRP is shaky and its price may continue to decline. The latest technical analysis suggests that the decline may not be over yet and a further downside movement appears likely, pushing XRP closer to the $2 mark.

XRP Price Eyes Upside with Stronger Recovery Odds Compared to BTC

XRP price started a fresh recovery wave from the $1.90 zone but is now consolidating. It might struggle to clear the $2.10 resistance zone. The price declined after failing to clear the $2.250 zone, dropping below $2.10, $2.050, and even $2.00, forming a low at $1.90. It is now attempting to recover. A connecting bearish trend line is forming with resistance at $2.06 on the hourly chart.