Is This the ‘Blessing in Disguise’ Investors Were Waiting For?

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XRP is below a crucial support, but can it pump soon?

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Summarize with AI

Summarize with AI

Alongside the rest of the market, the popular cross-border token recorded minor gains at the start of the business week, but it failed to breach $1.95, and the subsequent rejection has driven it below $1.90 as of press time, which has been described as a key support level.

Given the overall market condition, the latest breakout failure, and XRP’s plunge of almost 50% since its all-time high in July, investors’ sentiment has turned bearish. In fact, the number of negative comments on social media regarding Ripple’s native asset has surged to “far more” than average, according to data from Santiment.

However, this could actually be a blessing in disguise for XRP. Previous such occurrences have led to immediate price reversals, as the analytics platform noted. There were several similar examples this year, including in late June. A few weeks down the line, XRP skyrocketed to the aforementioned all-time high of $3.65.

Cobb, a popular member of the XRP Army, also weighed in on the declining sentiment. However, the analyst “simply” refused to be bearish on XRP and even predicted a new all-time high next year.

The asset’s 3% decline over the past 24 hours might come as a surprise to some, especially those who follow the ETF trends. The spot XRP ETFs have been on an impressive streak ever since the first one hit Wall Street on November 13, with only green days.

Moreover, data from SoSoValue shows that the five financial vehicles attracted another $43.89 million on Monday – the highest daily net inflow since December 5.

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However, those who follow technical indicators such as the TD Sequential might have anticipated today’s correction. As reported yesterday, the metric flashed a sell signal for XRP after a double-digit bounce over the past several days.

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Source: https://cryptopotato.com/ripples-xrp-tumbles-again-is-this-the-blessing-in-disguise-investors-were-waiting-for/