During the intraday session, Ripple’s XRP traded between $0.78 and $0.80, while the broader cryptocurrency market saw slight gains. In the previous seven days, the coin has gained 4% and is presently trading at $0.78.With the week ending March 13, XRP price fell again, increasing concerns that the coin could face another drop towards the triangle’s support trendline.
Will XRP Price Decline More?
The technical death cross has been laying siege to the XRP price since December of last year. With global markets on the verge of stagflation and possibly hyperinflation in some parts of Europe in the near future, that death cross appeared to be an omen for what was to come.
Central banking is rushing to keep the economy together as inflation calls for rate hikes on the one hand, while the Ukraine war and influx of migrants into European countries call for monetary easing and credit support on the other.
With all of these moving components, the XRP price is not in the ideal position to begin a medium- to long-term bull run. Despite a breakout to the upside, expect a dip lower next week, maybe to $0.65 or $0.60, with the latter falling in line with the monthly S1 and February’s low.
If the situation in Ukraine worsens, with Putin invading Kyiv and other key Ukrainian cities, expect a strong plunge through the S1 support towards $0.4975, the November high and the beginning of a bear market for 2022.
According to Santiment’s most current on-chain statistics, XRP is leading the weekend rally with a 15% price increase, allowing it to go beyond $0.84 for the first time since February 16.
Because XRP has been one of the most popular digital assets in the sector for the last few years, the correlation is most likely due to a large number of XRP holders in the crypto community. As the coin develops traction among the crypto community, many users are expected to take profits in order to recoup some of their prior losses.
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Source: https://coinpedia.org/altcoin/xrp-price-might-plunge-to-0-6-level-this-week-is-this-the-beginning-of-bear-market-2022/