This week, Ripple XRP sunk below $0.50 in price for the first time since October 2023. In turn, XRP Whales saw the dip as a buying opportunity, swooping up plenty of the coin as it decreased in price.
XRP has seen a significant downturn in the past week, keeping it in the red. However, some market analysts have noticed that despite the dip, there is an increased interest in XRP, which may help keep it above $0.50.
Also Read: Ripple XRP Dips Below $0.50 as Whale Transactions Rise
CoinGlass’s open interest data tracks the nominal value of active futures contracts currently listed from a cryptocurrency. The latest data indicates while the price has shrunk 6%, open interest has increased by $66 million in the last 10 days, dating back to the end of January. It is common for interest to rise as price declines but in XRP’s instance, this reinforces the recent bearish trends for the token.
Yet if whales continue accumulating, XRP may be laying the groundwork for its next bullish impulse. Whether sellers have exhausted themselves or merely paused their assault remains to be seen.
Will Ripple XRP Dip as Low as $0.45?
Current trends observed on the Parabolic SAR technical indicator also support the bearish price forecast for XRP. The indicator signals a further downtrend for XRP, making it much more difficult for the asset to hold at or above $0.50.
Also Read: Ripple (XRP) & Cardano (ADA) Shine in $708M ETF Surge
After a 6% deficit in the last 7 days, XRP’s Parabolic SAR currently points to $0.55, while the current price is $0.50, confirming the latest lackluster performance. This in turn may cause traders to either sell before the price dips further or buy into shorting XRP.
Either way, the recent bearish trend for XRP is likely to continue a bit longer, making it much more difficult to stay above $0.50.