- In the last month, the XRP crypto has given a return of more than 40%.
- The derivatives volume of the XRP crypto has witnessed a decline in the last 24 hours
XRP Ledger was launched in the year 2021 and it is an open-source decentralized technology. It claims to be highly fast and eco-friendly and designed for practical use in the finance sector.
XRP can process thousands of transactions per second and uses a network of certified validators other than BTC which uses just one validator at a time.
The XRP is currently the fifth-largest cryptocurrency by market cap in the crypto market. The spot trading volume of the XRP crypto has declined by 7.0% in the last 24 hours with a decline of 3.48% in the market cap.
The following behavior of the crypto price data shows that the old buyers are exiting the positions but no new sellers are joining the decline.
The circulating supply of the XRP crypto is 53.718B XRP, which is 53.72% of the total supply. It has further resulted in a fully diluted market cap of $60.726B.
As per Coingecko, the community is bullish on the token as more than 71% of the users are bullish on the XRP price.
XRP Liquidation Analysis
The derivatives trading volume of the XRP crypto has declined by 8.03% in the last 24 hours. It has further resulted in a decline of 46.56% in the options volume. Moreover, the resulting long liquidation of the crypto is much higher than the short liquidation witnessing profit booking in the last 24 hours.
XRP Crypto Technical Charts Analysis
The XRP crypto on the weekly timeframe is forming a lower low market structure. From the lower levels, the crypto price started to advance and hit a high of $0.94451. The crypto price is again witnessing a decline in the price and the price has lost its value by more than 35%.
On the daily charts of the XRP crypto, the 50-day and 200-day EMA are trading in a golden cross. The crypto price is also trading above the EMAs but it is witnessing a decline as the price hits the 50 EMA.
As the momentum in the share price is declining, the RSI of the XRP token has declined below the 50 level. It is also trading below the 14-day SMA line. The following behavior of the RSI shows a possibility of a trend change to bearish.
As the XRP crypto has witnessed higher long liquidation, it is showing the dominance of sellers in the market. The crypto’s price is also witnessing a sell-off at the recent swing high. The momentum has also declined as per RSI.
Thus, we might witness a decline in the XRP crypto price in the upcoming days.
- Support levels- $0.3040 and $0.47680
- Resistance levels- $0.86690 and $1.5730
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.