Skip to content
- XRP drops to $3.14, with a notable increase in trading volume amid ongoing market fluctuations.
- After reaching $3.67, the price retraced to $3.10, signalling a potential shift to a bearish trend.
- MACD shows bearish momentum for XRP, with the RSI at 43.07, indicating neutral market conditions.
At the time of writing, Ripple (XRP) is trading at $3.14, representing a 0.74% drop in the last 24 hours. The market has been accompanied by a decline in the cryptocurrency, followed by a substantial increase in the trading amount by 152.24% to reach $17.84 billion. XRP has lost 3.18% in the last week, indicating that the market is on course to correct. Traders are now carefully monitoring the market to see what will happen further.
Analyst Jonathan Carter mentioned that XRP is continuing to hold a parallel channel on the daily timeframe. This would be a sign of a reversal of the price. Provided that XRP can hold its ground after breaking the resistance level, it may aim to reach new heights of $3.40, $3.65, and $4.00. The market is, however, cautious and it will take confirmation before any serious price movement.
XRP Faces Bearish Shift
BitGuru revealed that XRP has already hit highs of $3.67 after exiting its consolidation point at $2.32. Since that time, XRP has retraced and it is trading near $3.10. The shift indicates that the bullish run has been subdued, and the market might be entering the bear run. The pullback is an indication of a wider market correction, so XRP has temporarily stalled in a bullish trend.
Also Read: Ripple (XRP) Rally Builds: Will It Smash the $4 Barrier?
Moving Average Convergence Divergence (MACD) indicator shows a bearish signal on XRP. The MACD line is at 0.01 and the signal line is 0.06. This is an indication of a shifting momentum to the downside. This bearish sentiment is further supported by the histogram value of 0.08. Traders will have to watch for any crosses between the MACD and the signal line as a possible change of direction.
The Relative Strength Index (RSI) of XRP is 43.07 which is a neutral indicator. The current position of the RSI toward the centre of its range indicates that a balance exists in the market. But a substantial shift could happen once RSI tilts in terms of being overbought or oversold in the next few days.
Source: TradingView
XRP Trading Volume Surge
According to the CoinGlass statistics, XRP trading volume grew by 165.34% to a value of $33.49 billion. Open Interest, however, fell by 13.61%, to a current value of $9.32 billion. The OI-Weighted Funding Rate stands at 0.0092%, meaning that there is little to no pressure on large collective market movement. Nevertheless, the overall market can be described as rather stable and does not indicate significant changes in the near future.
Source: CoinGlass
Since XRP has been trading inside its range, traders are monitoring certain resistance levels where breakouts are expected. As more volume goes through and starts to have fluctuating indicators, the direction of XRP is uncertain. The new direction may be determined by the ability of the asset to maintain itself on key support levels and continue going up.
