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Ripple (XRP) Price Uptrend May Pause for a Decline
Despite not being one of the top-performing cryptocurrencies this quarter, Ripple (XRP) is still in an uptrend. However, this trend may pause for a while as the conviction among XRP holders could lead to a price dip.
The XRP price is heavily influenced by the actions of long-term holders (LTHs), who tend to drive the price up through accumulation and down through selling. Recently, the age consumed metric has shown spikes, suggesting that LTHs are moving their assets around during uncertain market conditions. This could be an attempt to sell their holdings to secure profits or offset losses.
Furthermore, the total participation of XRP holders has declined significantly since December 2023. This decline in active addresses is a negative sign for the cryptocurrency.
The XRP price is currently trading at $0.53, which is above the 23.6% Fibonacci Retracement level and the bear market support floor. This level is likely to be a target for the altcoin if the price declines. Losing this level could send the price to $0.50 or lower.
However, if the broader market cues remain in favor of a gradual uptrend, the XRP price could prevent a drawdown and continue rising. In this scenario, the bearish thesis would be invalidated, and the altcoin could rise to $0.56.
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