Although XRP has briefly flipped to the green side of the market after multiple days of extreme volatility, it has plunged back to levels not seen this month.
Following this heavy price decline, sentiment is increasingly flipping bearish and traders are gradually losing confidence in its recovery over the short term.
Kalshi traders turn bearish
Following the massive slowdown in its price, traders are predicting XRP could be heading for another test of the $1 level this month, per the latest data provided on crypto prediction market Kalshi.
HOT Stories Solana (SOL), Shiba Inu (SHIB), XRP and Cardano (ADA) Price Analysis For August 8: What Can Fuel the Recovery? Crypto Has 'Ticking Clock' Problem, Former SEC Official Says
The bearish sentiment is coming as traders appear to be increasingly exercising caution after XRP fell to its previous low of around $1.02.
Notably, the latest predictions on the platform regarding how low XRP could fall in August show that traders are betting on a possible retest of the $1 price level.
While the prediction market further recorded a trading volume of about $13,374, it appears that traders are actively placing bets on XRP's potential downside in August.
What is XRP saying?
It appears that the bearish predictions from traders regarding XRP's potential downward trajectory have been largely fueled by its recent price movement, which remained consistently in red territory for a long period.
However, XRP is beginning to print a different signal as its price is showing a decent recovery from the downtrend, with market analysts suggesting that traders are becoming exhausted.
As of the time of writing, XRP is showing a decent price gain of about 1.61% over the last 24 hours. If it is able to hold the positive momentum, the asset will be able to hedge against negative predictions from traders.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
