- The XRP crypto price has witnessed 16 green days in the last 30 days.
- The trading volume of crypto has witnessed a huge decline over the last 24 hours.
XRP, the digital asset of the XRP Ledger, offers rapid transaction settlements and high scalability for financial services. Created by individuals including Jed McCaleb, Arthur Britto, and Chris Larsen, XRP’s development is closely tied to Ripple, a company focused on enhancing global payments through its RippleNet product, utilizing XRP for liquidity.
The current circulating supply of the crypto is 54.884B XRP, and the total supply is 99.987B XRP. Moreover, the maximum supply of the crypto is 100.0B XRP, and the fully diluted crypto market cap is $61.633B.
The market cap of the crypto has further witnessed a decline of 3.02% in the last 24 hours. Furthermore, the market cap value of the crypto is $33.83B, which makes it the 6th largest cryptocurrency in the world.
The trading volume for the crypto has further declined by 37.7% in the last 24 hours. The value of the traded volume for the crypto is $1.74B, which results in a volume/market cap ratio of 5.2%.
The supply inflation of the crypto is also relatively high, resulting in 9.2%, and its market cap dominance is 1.37%. This cryptocurrency’s volatility is also high at 6.65%, and the sentiment of the crypto is neutral.
XRP Crypto Derivatives Analysis
Although the overall derivatives volume for the crypto has advanced over the last few days, in the previous 24 hours, the traded volume has witnessed a decline of 41.2%. This results in a traded value of $1.98B.
The open interest in crypto has further declined by 5.3%, and the options volume has also witnessed a decline of 46.5% in the last 24 hours. Despite this, the open interest in the options has advanced by 15%.
The crypto further has witnessed a substantial long liquidation of $2.49M while the short liquidation for the crypto is worth only $269.82K.
Social Dominance Vs Twitter Followers Vs Development Activity
The social dominance and the development activity of crypto have witnessed a considerable decline over the last few days. It is followed by a decline in followers on Twitter.
XRP Crypto Technical Analysis
The XRP crypto price is trading in a wide range and has been declining from the higher levels. The current price level of the crypto shows uncertainty in price and indicates volatility.
One must wait for the crypto’s price to break above the higher resistance levels to clarify a positive trend in the crypto price.
XRP/USD Chart by TradingView.com
The EMAs depict bullish behavior on the daily chart of the XRP crypto. The 20, 50, and 200-day EMAs are trading in a golden cross, and the price is sustained above the 50 level.
The MACD line has crossed below the signal line, is currently following a bearish cross, and is trading above the zero level. Furthermore, the histogram depicts bearish behavior; followed by the selling volume in crypto.
The RSI is trying to sustain at the 50 level and has declined below the 14-day SMA. It also indicates weakening momentum in the crypto price.
Summary
After experiencing a decline in trading volume and market cap, uncertainty looms over XRP’s next move. Despite recent bullish signals like EMAs in a golden cross, the MACD’s bearish crossover and declining RSI suggest weakening momentum. Traders await a breakout above resistance levels for a clearer direction in XRP’s price.
Technical Levels:
- Support levels: $0.4600 and $0.5300
- Resistance levels: $0.7400 and $0.8500
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.