A new report published by the Glassnode platform casts a negative shadow over Ripple’s price expectations, as data shows that a large portion of those holding its balances find themselves in an unenviable losing position.
According to blockchain data, around 42% of current Ripple wallet address holders collected their holdings at a price close to $3, leaving many of them with losses of 40% or more.
Analysts have warned that the continued hemorrhaging of unrealized losses could eventually lead its owners to abandon and sell their assets to avoid incurring further losses, worsening its already fragile situation.
Although the price of Ripple is still about 4 times higher than it was in November last year, it seems that many investors entered the market during the bullish wave following the end of the litigation with the United States Securities and Exchange Commission (SEC), when the general positive market mood was at its peak, and its launch resulting from Ripple Labs’ partial court victories over the SEC attempted to enter many who are currently suffering huge losses.
As the overall market mood hits its lowest levels ever, analysts have warned that this segment of investors with upcoming losses could start exiting en masse if the situation in the crypto markets continues to deteriorate.
Ripple Price Forecast: ETF Launch Could Trigger Reversal
Ripple price is approaching a potential breakout that could expose it to a retest of the $1.50 level if it fails to sustain above its recent levels of relative stability.
The chart shows the formation of unpromising technical setups as any upside bounce could be hampered by the resistance barrier of the $2.50 area and others near the highest levels recorded around $3.60.
However, if the general mood starts to improve and the support level holds, Ripple price could recover gradually, but the bullish momentum is still – so far – weak.
On the other hand, the upcoming launch of a number of Ripple Spot ETFs on US exchanges (Ripple Spot ETF) could provide lasting incentive for the rally, as it could cause a wave of institutional demand once market conditions stabilize.
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The post Expectations for the price of Ripple (Ripple-XRP) after 42% of its owners lost money, how far could its price fall? appeared first on Cryptonews Arabic.
