Trouble for Ripple’s native token XRP is brewing, as further downside could be expected in the coming weeks. The latest data on TradingView shows that buying activity has fallen 11%, indicating fresh trouble for the cryptocurrency. A double-digit dip in buying pressure can push prices lower, and the next stop is at the $0.90 range. The altcoin is now in the crosshairs of a major psychological level, and momentum will play a big role in its next direction.
Long-term investors are not buying despite prices being at their lowest point of the year. Traders are awaiting further dips before taking an entry position, as the altcoin is yet to bottom out. A bounce from here may struggle to hold, as Ripple’s XRP is now at its weakest point. The momentum for the broader cryptocurrency market, including Bitcoin and Ethereum, has waned. Meme currencies like Dogecoin and Shiba Inu, among others, have already been phased out.
Also Read: XRP Falling Below $1 Could Pull It To The 50 Cent Mark
Less Buying Pressure Can Push XRP Below $1
If the buying pressure dries up, Ripple’s XRP could join the ranks of its counterpart, Cardano’s ADA, which is in a deep pit trading at $0.15. The altcoin needs to get its act together, or investors might begin giving it a miss, similar to Cardano’s ADA. The situation is sticky for the cryptocurrency market, as money is now being flown into the AI sector.
Companies that build AI, and firms that supply energy, high-bandwidth memory, and GPU chips, are all soaring in value. Ripple’s native token XRP is flirting with the $1 level, as prices hover at $1.05 on Thursday. The altcoin, which reached an all-time high of $3.65 a year ago in July, is now close to falling to the $0.90 range. That’s a steep decline of nearly 71%, and has erased all gains it generated in over a year.