Is Ripple (XRP) at Risk of a 177% Rally Shutdown by Strong Seller Sentiment?
On a recent report, it seems like the sellers are calling the shots in the Ripple (XRP) market. The Taker Buy/Sell Ratio dropped to 0.93, showing that sellers are currently leading the way in the derivatives market, putting downward pressure on the price.
Moreover, there has been a decline in Network Growth, which indicates a decrease in new user activity on the XRP Ledger. This decrease in activity is adding to the bearish sentiment surrounding XRP.
If the selling pressure continues, XRP’s price could potentially drop to $0.92. However, if there’s a shift in momentum, the value could rise to $1.63.
So, it’s a bit of a balancing act right now for XRP, with the bearish sentiment threatening to push the price down, but the potential for a momentum shift offering some hope for an upward trajectory. We’ll have to wait and see how things play out in the market.
