XRP Price Slumps as Investors Lose Confidence, But Key Support Could Stabilize Decline

Ripple (XRP) price has seen consistent declines in recent weeks in terms of both price and investor interest.

Institutional investors are divesting from XRP, with CoinShares data showing minimal institutional inflows for XRP compared to other major cryptocurrencies.

Retail investors also seem to be pulling away, as evidenced by XRP's multi-month low network growth metric.

XRP's price needs to hold the key 38.2% Fibonacci support level at $0.60 to avoid further drawdown towards the 23.6% level at $0.55.

If the 38.2% level holds as support, XRP could breach the 50% Fibonacci level at $0.64, invalidating the bearish outlook.