The daily chart of Ripple (XRP) is hinting at a potential correction as the altcoin’s price failed to break through a key resistance level. Meanwhile, 5thScape is a dynamic digital platform that redefines the user experience through a comprehensive ecosystem fueled by 5SCAPE Tokens.
Ripple investors are retreating
The fall in the price of Ripple to $0.42 provoked a wave of pessimistic sentiment among asset holders. The change in sentiment is reflected in the daily active address (DAA) divergence chart, which is currently providing a sell signal. However, this usually happens when the price increases and network activity decreases, or when both factors are negative.
At the same time, the number of new XRP addresses dropped to a four-year low. Meanwhile, If the altcoin continues to lose investor support, its price may reach another local bottom.
Ripple (XRP) Price Prediction
At the time of writing, XRP is trading at $0.52, which coincides with the 23.6% Fibonacci retracement of $0.73 and $0.42. As long as this level is not broken, the asset has a chance to recover.
However, given the bearish sentiment among investors, Ripple may lose important support. This will cause the altcoin to fall to $0.47, and if this level does not hold, it will drop back to $0.42.
However, a successful rebound will allow XRP to return to the 38.2% Fibonacci line located at $0.57, thereby refuting the bearish thesis. This will allow the altcoin to rise to $0.60 and recover recent losses.
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