The XRP price continues to struggle around the $0.60 mark and has been fluctuating near it for a month and a half.

This lack of growth is gradually leading to a pessimistic macro picture and could completely reverse conditions.

Ripple Native Token gives up

Like other altcoins, XRP price has been a victim of the overall market crash over the past two days, with the crypto asset falling below the 38.2% Fibonacci retracement level for the fourth time in the past six weeks.

These consistently failed rally attempts are feeding the gradually developing macroeconomic bear market, which is visible in the Moving Average Convergence Divergence (MACD). The MACD indicator is a trend-following momentum tool that shows the relationship between two moving averages of an asset’s price.

The weakening bullish momentum suggests that a bearish crossover could be imminent. This potential crossover is worrying as it could lead to a further price decline. It would be the first such occurrence since early July.

Read more: XRP ETF explained: What it is and how it works

Furthermore, in the case of XRP, participation in the network has been continuously increasing. However, this increase in activity has not translated into real growth. Despite higher participation levels, there have been few active addresses, which raises doubts about the sustainability of the current market trend.

The lack of real growth in market participation is not a positive indicator for XRP’s price movement. Therefore, the activity of XRP holders currently seems to be preventing further price declines. This stability suggests that while the market is not seeing significant gains, it is also not experiencing dramatic declines due to the support of current holders.

XRP Price Prediction: Just Keep Swinging

The XRP price fell 7.5% in the last 48 hours, which was enough to wipe out the 9% gains recorded recently. In fact, the sudden change in sentiment caused this drop in a third of the time it took XRP to record the gains.

Still, XRP price fell below the 38.2% Fibonacci retracement at $0.58 and is currently trading at $0.57. If bearish conditions intensify, a drop to $0.52 is likely, where the 23.6% Fib line lies. This level, also known as the bear market support floor, would prevent further decline.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

On the other hand, if the altcoin follows the previous tradition, it could recover above the 38.2% Fib line. This would allow the crypto asset to rise above $0.60 and refute the pessimistic thesis.