- XRP was down by more than 11% in the last 30 days.
- A few metrics and indicators hinted at an upcoming bull rally.
Ripple’s [XRP] price action has not been the best of late, as its value dropped 11% in the last 30 days. The price drop also caused a rise in negative sentiment around the token in the recent past.
However, there was good news, as an analysis suggested that there was a possibility of a trend reversal.
XRP investors are bearing losses
According to CoinMarketCap, XRP dropped by over 2% in the last seven days alone. At the time of writing, the token traded at $0.5011 with a market cap of over $27.2 billion, making it the sixth-largest crypto.
The price decline also took a toll on sentiment around the token. Santiment highlighted this fall on an X (formerly Twitter) post on the 6th of February.
🐻 With #crypto market caps ranging and lacking the usual growth traders have been accustomed to since the #bullcycle began in October, there is a notable #bearish sentiment that has taken hold of #crypto discourse this week. #Bitcoin, #Ethereum, #BinanceCoin,
(Cont) 👇 pic.twitter.com/c3M4bPxlhi
— Santiment (@santimentfeed) February 5, 2024
As per the tweet, XRP’s Weighted Sentiment was below its historic averages, an occurrence that happened fo the first time in over six months.
Cardano [ADA] and Solana’s [SOL] Weighted Sentiments also followed a similar declining route over the past few weeks.
Any possibility of a trend reversal?
It was surprising to note that despite Ripple’s red price chart, one of its key metrics improved. As per AMBCrypto’s analysis, XRP’s MVRV ratio increased over the last few days.
This indicated that there was a possibility of a trend reversal.
Source: Santiment
In addition to that, Ali, a popular crypto analyst, also posted a tweet suggesting a similar outcome. As per the tweet, the TD Sequential indicator is signaling a buy on the XRP weekly chart.
This suggested that XRP’s price might gain upward momentum, which could last for a couple of weeks.
The TD Sequential indicator is signaling a buy on the $XRP weekly chart, suggesting that #XRP is poised for an upswing lasting one to four weeks. pic.twitter.com/icw4CY86UW
— Ali (@ali_charts) February 6, 2024
How much are 1,10,100 XRPs worth today?
To check whether an uptrend is around the corner, AMBCrypto took a look at XRP’s daily chart. The token’s price was about to touch the lower limit of the Bollinger bands, which indicated a possible rebound.
Its MACD also displayed the possibility of a bullish crossover. However, the Money Flow Index (MFI) remained bearish as it registered a downtick.
Source: TradingView
