On Thursday, the XRP price broke down below the $1.30 support, its lowest level over the last 4 months. Technical indicators suggest that trouble is only starting for the 5th-largest cryptocurrency by market cap, as further downslide could push it all the way to $0.63.
Is XRP heading to $0.63?
After showing a few encouraging bottoming signals earlier in May – such as a declining market value to realized value (MVRV) ratio, and an increase in the XRP Ledger activity – the digital asset re-entered the bearish territory earlier on Thursday.
XRP’s latest slide saw it enter the breakdown phase of its bear pennant setup. The following weekly chart shows the digital asset falling below the bear pennant, threatening further decline all the way down to $0.63.
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For the uninitiated, a bear pennant is a bearish continuation pattern that forms after a sharp price drop, followed by a brief period of consolidation inside converging trendlines. It typically signals that sellers are regrouping before another potential move lower, with the next downside target estimated using the size of the previous decline.
Similarly, crypto analyst Egrag Crypto highlighted XRP’s “bearish targets” around $1.27, $1.10, and a possible capitulation wick toward $0.88. Fellow crypto analyst, ChartNerd remarked that after breaching the $1.30, a drop toward $1 will happen “sooner rather than later.”
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In addition, Santiment shows that social media sentiment around XRP has turned deeply negative over the past few days. The firm’s so-called Positive/Negative sentiment indicator shows that negative news surrounding XRP is at its highest level in over 3 weeks.
To explain, Santiment’s Positive/Negative sentiment indicator measures the ratio of bullish versus bearish commentary about a cryptocurrency across social media platforms. A falling ratio suggests rising fear or pessimism among traders, while extreme negativity is viewed as a contrarian signal that selling pressure may be nearing exhaustion.
As of Thursday, the indicator shows a reading of 1.1, meaning that there are just 1.1 bullish comments for every bearish comment on XRP. XRP’s bearish tilt aligns with recent analysis which predicted a severe crash for the cryptocurrency due to overheated on-chain metrics.
XRP might surprise the bears
Although the overall market stance toward XRP is currently not the most inspiring, there are a few silver linings. On Tuesday, XRP repeated an on-chain pattern that previously preceded a 500 percent rally.
Fresh exchange data from Binance also seems favorable for XRP. On Monday, XRP whales pulled $170 million worth of the cryptocurrency from the exchange, giving signs of an impending breakout.