Summary
TLDR: Ripple (XRP) price is on a downtrend with institutional interest shifting to other altcoins like Polkadot and Solana. Price indicators suggest continued bearishness, with a potential death cross forming. XRP may drop to $0.54 unless it can reclaim $0.58 as support. Always conduct your own research before making financial decisions.
Key Points
1. Ripple (XRP) price has been largely observing a downtrend after posting the year-to-date highs last month.
2. Ripple is losing institutional interest, with institutions showing more interest in other altcoins like Polkadot (DOT) and Solana (SOL) compared to XRP.
3. XRP price is currently forming a death cross on the 12-hour chart, indicating a potential shift to a bearish trend and a possible drop in price to $0.54.