The broader crypto market is frequently spotlighting bearish signals across the tokens, with fear sentiment lingering. The prices hang in red, and may lead to further loss. The largest assets, like Bitcoin and Ethereum, trade on the downside. Meanwhile, Ripple’s XRP is attempting to reclaim the lost momentum.
The ongoing price action of the asset shows the declining phase, with a brief drop of over 1.34% in the last 24 hours. In the early hours, XRP traded at a high range of $2.01. With the bearish shift in the market, the price has fallen to a low of $1.97. Upon the bears staying for a longer period, more losses could likely follow.
XRP is currently trading within the $1.99 level, and the market cap is stationed at $120.78 billion. Consequently, the daily trading volume of the asset has increased by over 62.15%, reaching the $1.97 billion zone. The Coinglass data has shown that the market has recorded $4.00 million worth of XRP liquidations.
Can XRP Break Its Sluggish Phase and Push Up?
The 4-hour technical chart of XRP reports that the Moving Average Convergence Divergence (MACD) line and the signal line are found below the zero line. It indicates the prevailing downside momentum. However, the trend can start shifting if both the lines begin climbing above the zero line.
Moreover, the money flow is assessed by the Chaikin Money Flow (CMF) indicator, which is at -0.20, suggesting strong capital outflows. The sellers are dominating, and the distribution is active. Notably, for the current sentiment to improve, the value needs to move closer to or above zero.
The price pattern exhibits bearish trading, with the XRP bears pushing the price downward to its support at the $1.92 level. With the potential negative outlook, the death cross might emerge and bring in a decline below $1.85.
However, if the XRP bulls appear, the price might move up to the $2.06 resistance. Further upside pressure could form the golden cross, triggering the bulls to test the subsequent range at its recent high above the $2.13 zone.
XRP’s daily Relative Strength Index (RSI) is positioned at 43.16, implying slightly bearish to neutral momentum. The selling pressure is present but not extreme, with the asset remaining far from the oversold condition. Furthermore, the Bull Bear Power (BBP) reading of -0.0166 signals a near-neutral momentum with a slight bearish dominance. The bears overpower the bulls, but the pressure is weak. A deeper dip could intensify the downside momentum.
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