- The XRP Crypto price is below the crucial resistance levels.
- The market cap of XRP has witnessed an increase in the last 24 hours.
XRP is a cryptocurrency that claims to be fast, green, and practical for finance. It was created by OpenCoin, later renamed to Ripple, and its founders and collaborators. Ripple uses XRP to power its RippleNet product, which connects banks and enables low-cost cross-border payments.
The traded volume of XRP has declined by 22.7% in the last 24 hours, resulting in a traded value of $1.332 Billion. Despite this, the market cap of the crypto has increased by 2.87%.
The current market cap value of XRP is $31.073 Billion and the market cap ranking of the crypto is #6. Moreover, the market cap dominance of XRP is 1.716% and the volume/market cap ratio of XRP is 0.0398.
The fully diluted market cap of XRP is $57.299 Billion and it has a circulating supply of 54.21 Billion XRP. Additionally, the total supply of XRP is 99.988 Billion XRP while the max supply of the crypto is 100.0 Billion XRP.
XRP Crypto Derivatives Analysis
The options volume and the derivatives volume of the crypto has witnessed a decline in the last 24 hours while the open interest has risen by 4.58% and the options open interest has increased by 15.02%.
The long/short ratio of the crypto is 0.9531, as recorded in the last 24 hours. Furthermore, the long liquidation for XRP is recorded to be of $467.76K against the short liquidation of $362.96K.
XRP Crypto Technical Analysis
The XRP crypto price is consistently rising to higher levels by taking support at a dynamic trendline. This behavior of the price indicates buyers’ dominance in the market.
Additionally, a strong resistance level is situated at $0.95700, and if the price of the crypto breaks above this level, it might rise to even higher levels. The breakout above the level will also result in strong buying sentiment in the market.
XRP/USD Chart by TradingView
The 50-day and 200-day EMAs are forming a golden cross pattern on the chart while the price has declined below the 200-day EMA. If the price continues to decline, we might see a death cross pattern in the upcoming days.
The RSI is showing bearish momentum on the daily chart and it is currently situated at a level of 39.27 by declining below the 14-day SMA. Thus, as long as the value of the RSI stays below 50, the price might continue moving with bearish momentum and decline to even lower levels.
Conclusion
The XRP crypto price is facing a strong resistance at $0.95700 and it needs to break above it to resume its uptrend. The support at the dynamic trendline is crucial for the bulls. If the price falls below it, a bearish scenario could unfold. XRP could target $1.20 or $0.80 depending on the direction of the breakout.
Technical Levels
Support Levels: $0.45800 and $0.54700
Resistance levels:$1.3100 and $1.7600
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.