XRP’s price enters an area of interest, according to analyst

• XRP’s price has declined by over 10% in the past month.
• XRP has experienced a 9.50% decrease in value over the past 7 days.
• XRP’s price could further decline if bearish momentum continues.

Renowned cryptocurrency trader and analyst Michael van de Poppe visited Twitter yesterday to highlight an intriguing development on Ripple’s weekly chart. In his insightful post, he pointed out that the price of this remittance token is approaching a significant area of interest, potentially signaling a favorable long trade entry for the upcoming cycle. Furthermore, the astute analyst advised fellow traders to be ready to seize the opportunity and strategically buy the dip in the forthcoming weeks.

In light of recent developments involving the SEC, XRP has experienced a significant decline in its price, plummeting by over 10% in the past month. CoinMarketCap’s latest data reveals that the altcoin has also witnessed a 9.50% decrease in value over the past 7 days. As a result, the cryptocurrency is currently being traded at $0.6251.

According to Van de Poppe, the recent decline in XRP’s price can be attributed to seasoned investors capitalizing on the significant surge in XRP and deciding to offload their holdings. This move was prompted by the intense market activity that XRP witnessed. Additionally, the analyst emphasized that the current lack of enthusiasm in the cryptocurrency markets results in more pronounced price corrections than during bullish market cycles.

During the previous week, XRP experienced a significant price decline, breaching the crucial support level of $0.6596 and maintaining this level at the time of writing. In yesterday’s trading session, sellers tried to push the altcoin’s price below the subsequent support level of $0.5890 but were met with resistance from bullish investors who successfully defended this threshold.

However, a notable bearish flag was observed on XRP’s daily chart last Friday when the 9-day EMA line exhibited a bearish crossover below the 20-day EMA line. This development indicated a shift in short-term momentum in favor of bears, suggesting that XRP’s price could experience further decline in the upcoming days.

If the selling pressure on XRP’s chart becomes too strong for buyers, XRP may attempt to test the significant support level at $0.5380 in the upcoming week. However, if the daily candle closes above $0.6596, it would negate the bearish outlook. In such a scenario, there is a potential for XRP’s price to rise to $0.7432 in the next few days.