Summary
TLDR: Ripple (XRP) price has been in a downtrend, with long-term holders losing conviction in the asset. Historically, when this happens, XRP price tends to correct. If crucial support at $0.606 is lost, the price could decline further to $0.555. However, the bearish trend has not gained strength yet, so there is still a chance for recovery if XRP bounces back from $0.606.
Key Points
1. Ripple (XRP) price has been in a downtrend for the better half of the month, and these bearish signals are getting stronger.
2. Will the altcoin end up losing crucial support since XRP long-term holders are losing conviction in the asset?
3. Ripple Investors Lose Conviction
The long-term holders are one of the most important cohorts that impact the XRP price. These investors tend to hold an asset for a period of more than 12 months. Thus, selling from them is considered to be a confirmed bearish signal.
Their actions are observed by the total age consumed when they move their holdings between addresses. The higher the spike, the larger the amount of tokens moved. In the case of Ripple, their movement has not been as significant as instances in the past. Nevertheless, this is a signal that these investors are losing conviction.