CandleFocus Ripple’s (XRP) Buy Signal May Hurt Your Investments
2024-09-11
Author: Content Editor
The news article states that XRP's recent price drop may present a buying opportunity as on-chain data suggests that the altcoin is undervalued. The asset's negative market value to realized value (MVRV) ratio further supports this notion. However, the article also highlights that XRP is still facing negative sentiment and its technical setup indicates a continued downturn. The Elder-Ray Index and the Directional Movement Index both suggest that selling pressure is dominant in the XRP market. If the price decline continues, XRP could lose support at $0.45 and potentially drop to $0.38, but a shift in market sentiment could lead to a price rise targeting $0.65.
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