- Michael van de Poppe tweeted yesterday that XRP is entering into an area of interest.
- The analyst attributed XRP’s fall in price during the last month to selling activity by long-term holders.
- At press time, XRP was trading at $0.6251 following a weekly loss of 9.50%.
The popular cryptocurrency trader and analyst Michael van de Poppe tweeted yesterday that Ripple (XRP) is entering into an area of interest on its weekly chart. According to the post, the remittance token’s price may soon present a long trade entry for the next cycle. Subsequently, the analyst tweeted that traders should prepare to buy the dip in the coming weeks.
It's $XRP which is getting into the area of interests. Just be able to buy the dip. pic.twitter.com/mBc71YtC2j— Michaël van de Poppe (@CryptoMichNL) August 7, 2023
Meanwhile, XRP’s price has dropped more than 10% in the past month following the SEC development. At press time, CoinMarketCap indicated that the altcoin’s price was down 9.50% over the past 7 days as well. Consequently, the cryptocurrency was trading hands at $0.6251.
Van de Poppe attributed the decrease in XRP’s price over the past month to long-term holders who took the opportunity to sell their holdings after the “heavy impulse” XRP experienced. Furthermore, the analyst highlighted that there is a lack of interest in the cryptocurrency markets which leads to steeper price corrections than those witnessed in bull cycles.
Daily chart for XRP/USDT (Source: TradingView)
The past week saw XRP’s price break below the $0.6596 support level where it continued to trade at press time. Sellers attempted to drag the altcoin’s price below the next support level at $0.5890 during yesterday’s trading session, but bulls were able to defend the mark.
Nonetheless, a significant bearish flag had triggered on XRP’s daily chart this past Friday, as the 9-day EMA line crossed bearishly below the 20-day EMA line. This signaled that short-term momentum shifted in favor of bears, and XRP’s price may continue to fall in the next couple of days.
If sell volume on XRP’s chart proves to be too overwhelming for bulls, then XRP could look to test the crucial support level at $0.5380 in the upcoming week. On the other hand, a daily candle close above $0.6596 will invalidate the bearish thesis. In this scenario, XRP’s price may climb to $0.7432 in the following few days.
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