XRP MVRV Ratio Falls Below 200-Day Moving Average
XRP has entered a volatile consolidation phase, losing over 40% from its all-time high. Despite broader market struggles, XRP has outperformed many altcoins, which have seen declines exceeding 60%.
Key factors affecting the market include:
- Ongoing inflation concerns
- Geopolitical tensions
- Interest rate uncertainty
On-chain data indicates that the MVRV Ratio for XRP has dipped below its 200-day moving average, historically signaling potential trend shifts. This could indicate either an accumulation phase or further correction.
XRP Holds Above $2 as Market Tension Builds
XRP is currently testing support just above $2. Analysts warn that failing to hold this level may result in a deeper downtrend. Investor sentiment is mixed, with some optimistic about recovery if macro conditions stabilize, while others caution about weakening momentum.
Analyst insights highlight that the MVRV Ratio crossover often precedes significant price movements. If XRP can maintain above $2 and reclaim bullish momentum, it might recover swiftly; otherwise, bearish trends could develop.
XRP Bulls Fight to Hold Key Support
Currently trading at $2.13, XRP has declined over 21% since March 19. The support at $2 is critical; failure to hold could signal a shift toward bearish trends and increased selling pressure.
For bullish recovery, XRP must also break the $2.40 resistance level. A successful move above this point could potentially lead to new highs. However, the current fragile market environment remains a concern.
The next few days are pivotal for XRP's trajectory, determining whether bulls can defend key support or if bears will take control.
