The current situation for XRP presents a possibility of a developing bearish trend despite signs of maintaining support.
Current Signals
Current on-chain conditions suggest a developing bearish long-term signal for XRP. Its Market Value to Realized Value (MVRV) ratio, which compares market price to the average price holders paid, reportedly dipped below its 200-day moving average.
Technical Analysis
This specific crossover is still in its early stages and remains unconfirmed as a major trend shift. However, technical analysts like Ali Martinez note that a sustained MVRV crossover to the downside has historically sometimes signaled a broader macro shift in XRP’s price action direction.
XRP's Market Position
XRP came under notable bearish pressure during the last week of March, consistently closing below its opening price for six of the past seven trading days. The cryptocurrency’s price tumbled from near $2.50 to reach $2.020 by the close of March.
XRP faces the threat of a bearish trend, but its ability to resist the pressure and remain close to its supports will be crucial in the near future.
