However, the cryptocurrency faces several resistance levels that could make it difficult to achieve a new ATH above $3.31, which remains a coveted target.
XRP is experiencing difficulty maintaining its bullish momentum, putting its ability to reach a new all-time high (ATH) on hold. Despite recent rebounds, cryptocurrency shows difficulties to sustain gains constantly, generating uncertainty about its future and amplifying the bearish sentiment that is taking over the market.
Ripple CEO Brad Garlinghouse recently discussed the future of the token and the crypto industry in an interview on “60 Minutes.” During the conversation, Garlinghouse expressed that Ripple does not seek to eliminate regulationbut rather establish a clear regulatory framework to operate safely. This call for regulation has been a constant theme within the sector, especially in a political context where some pro-crypto actors, such as Donald Trump, could influence future policies.
Despite these advances on the regulatory front, the bullish outlook for XRP does not look particularly strong. The Divergence of Daily Active Addresses (DAA) started showing sell signals, suggesting that the XRP price could face a decline. This behavior is due to an increase in price combined with a decrease in active user participation, which has historically been a bearish signal for the cryptocurrency.}
XRP: other bearish indicators
On the other hand, the MACD indicator, which had shown positive momentum for more than a month, has begun to show signs of bearish pressure. This reversal in momentum suggests that XRP’s uptrend is losing steam, and a possible reversal could be on the horizon. This scenario increases uncertainty among investors, who must now reevaluate their strategies in the face of a possible price drop.
Despite these challenges, long-term investors and XRP enthusiasts remain hopeful, hoping that they can weather the moments of doom and gloom and sustain their positions. However, the cryptocurrency faces several resistance levels that could make it difficult to achieve a new ATH above $3.31, which remains a coveted target. While the recent rally in XRP price has generated optimism, the combination of bearish factors and indicator pressure could complicate the path to a new all-time high.
Source: Ambito
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