The prevailing bearish sentiment surrounding XRP is primarily due to a series of uncertainties, coupled with stiff competition from other digital assets offering similar cross-border solutions.
Analyzing XRP’s Price Action
Respected digital asset analyst Egrag Crypto has offered a fresh perspective on XRP’s current market correction. Employing the Heikin Ashi method, he meticulously analyzed all the corrections that followed a three-week rally in XRP’s history.
His analysis revealed that XRP experienced an average drop of approximately 51.045% during these correction phases.
Significantly, the ongoing correction in XRP has reached approximately 53%, placing it in line with the historical average decline after a minimum of three weeks of bullish momentum. Based on these data-driven findings, Egrag Crypto has concluded that a price rebound appears imminent in the coming weeks.
Tough Times Ahead?
However, it’s important to note that XRP’s price may continue to dip, potentially reaching as low as 40 cents before securing a significant recovery. Additionally, historical data indicates that September, especially in the pre-halving year, tends to be a bearish month for the broader cryptocurrency market.