Ripple bears appear on vacation after closing the previous week on a pessimistic trajectory. However, the press time levels revealed mixed signs that market players need to ponder before the next move on the alternative token.
XRP’s slump last week concluded on its two-month ascending support. While analysts expected bullish recoveries at this support floor, the remittance token recorded some upticks, hitting $0.34 on the price charts. That confirmed the ongoing uncertainty on whether the market would stretch downside or pivot.
Nevertheless, Ripple’s bullish tale isn’t contingent on retesting support alone. The Hash Ribbons also confirmed that the altcoin could be ripe for a mid- long-term bullish action. That’s according to the latest Golden Cross. Such a move has historically acted as a revival indicator.
Though the highlighted indicators authorized the possibility that Ripple will exhibit a bullish stance, some metrics highlighted otherwise. For instance, Ripple’s NVT ratio witnessed an enormous hike within the past 24 hours.
While publishing this blog, the metric stood at 513.13. The NVT’s swift surge highlights ongoing investor awareness that the altcoin still trades at a premium.
Moreover, XRP’s network saw the lowest growth over the past four weeks. That might explain the deteriorated investor sentiment. Also, Ripple’s supply distribution showed conflicted whales as far as the next move is concerned.
Addresses with over 10 million tokens continue to reduce their holdings, regardless of support retests. This whale cohort has the highest effect on Ripple’s price since they control a massive share of XRP’s circulating supply.
Meanwhile, wallets with 10K to 10 million tokens purchased the dip over the previous day. This cohort explains the brief upside recorded within the past two days. Contrarily, outflows from leading whale wallets suppress upsides at the moment.
Accumulation around the latest support has failed to ensure massive buying momentum to support significant recoveries.
Moreover, outflows from the leading whales indicated that purchasing now could be risky, especially as selling momentum remains visible in the marketplace. Investors might consider the dollar-cost-average approach due to the market’s uncertainty.
Feel free to share this article.