Ripple (XRP) price at a crossroads: 13% up or down

In the near future, owners of the Ripple XRP project token may opt to sell their assets or initiate a series of purchases in order to avoid a bearish scenario. The resilience shown by Ripple investors during the negative price reversal indicates that they are willing to remain patient and hold onto their assets. The network’s realized profit/loss indicator reveals that investors primarily experience losses after the price declines.

In such situations, it is common for accumulation or hodling phases to follow. The magnitude of the losses discourages investors from actively participating in the network, as doing so would only amplify their losses.

This sentiment is supported by the Mean Coin Age (MCA) on-chain metric. This indicator gauges the level of trading sentiment among long-term investors by calculating the average number of days that circulating coins have stayed at their current addresses.

An increase in the MCA suggests that investors are selling their assets, while a decrease suggests the movement of XRP between addresses, indicating potential sales. In this case, the indicator’s dynamics may prompt investors to take bullish action, thereby driving the price upwards.

The recent decline in the XRP price was part of a bearish descending triangle pattern, which indicated a potential correction of 25% and a decline to $0.42. However, the altcoin managed to halt the downward movement at $0.47.

At the time of writing, the token was trading around $0.48, which is 13% above the anticipated bearish target. Additionally, the XRP price is only 13% away from retracing above the crucial $0.60 level.

Taking all these factors into account, a bullish outcome seems more probable: Ripple is anticipated to rise by 13% and recover above $0.60, potentially surpassing this level.

Nevertheless, if the support at $0.47 is lost, a 13% decline would confirm the descending triangle and nullify the bullish scenario.