Following a notable surge last month fueled by the landmark SEC vs Ripple case ruling, XRP’s price has since retraced nearly 100%, dampening expectations for immediate bullish momentum. Trading around 52 cents during Monday’s early Asian market, XRP has experienced a decline of over 33% in the past four weeks.
The recent crypto market capitulation, which wiped out more than $1 billion in derivatives, continues to reverberate among traders. Amidst this, most cryptocurrency analysts predict a sustained bearish trend unless there’s an abrupt rebound in Bitcoin.
A detailed on-chain analysis by market intelligence platform Santiment sheds light on the behavior of XRP whales despite the prevailing bearish sentiment. The analysis reveals that 221 addresses within the XRPL network are holding substantial amounts of XRP, ranging between 10 million and 1 billion tokens. These addresses collectively control around 16.13 billion XRP tokens, valued at approximately $8.71 billion.
Cheeky Crypto’s analyst Nick weighs in on the XRP price outlook, suggesting that a bullish reversal hinges on breaching the 59-cent mark in the near term. With last week’s closure above a pivotal support/resistance level of around 53 cents, Nick emphasizes the positive stance within the weekly timeframe.
However, he tempers this optimism when considering shorter intervals such as the hourly and daily timeframes. Employing the three Elliott wave principle, Nick anticipates a downward trajectory toward the supply/demand zone of around 35 cents in the coming months.
Source: https://coinpedia.org/price-analysis/ripple-news-xrp-price-might-drop-below-0-35-level-in-coming-months/