- Following strong bearish, the XRP crypto further has lost its value by 2.8% in the last 24 hours.
- The price of the XRP crypto is highly volatile, and the press time volatility of the crypto is 8.04%.
XRP, the digital asset of the XRP Ledger, boasts fast transactions and environmental efficiency, targeting the financial sector. Ripple, closely associated with XRP, leverages it to enhance global payments through RippleNet.
For the last year, the crypto price has managed to sustain itself at higher levels, resulting in an advance of 5.05%.
Following the last 24 hours from the press time, the market cap of the XRP has declined by 2.9% while the volume of the crypto has advanced by 56.1%. This further resulted in a traded value of $1.655B.
XRP is the 7th largest cryptocurrency in the global cryptocurrency, and the crypto’s volume/market cap ratio is 6.16%. This shows that crypto has excellent liquidity.
Following the last 24 hours, the advance in the trading volume, followed by the decline in the price, shows the rising strength of sellers in crypto. As per Coincodex, the sentiment of the crypto is also bearish.
What Does Sentiment Data Reflect About XRP?
The total negative and positive sentiments for the XRP can be seen declining on the Santiment chart. That shows that there is no significant activity in the social community of the crypto.
The weighted sentiment is flat and has not shown any significant change for the last few months.
Why is Derivatives Data Of XRP Crypto Supporting Bears?
The liquidation chart of Coinglass shows consistently higher long liquidations in the crypto since November 2023. This indicates that the sellers have ruled over the price for a long time.
Also, the long liquidation of the crypto recorded in the last 24 hours is worth $4.36M, much higher than the short liquidation. Additionally, the long/short ratio of the crypto is 0.9357.
The derivatives trading volume for the crypto has advanced by 59% in the last 24 hours, followed by the open interest in the options, which has advanced by 15%. The value of the traded volume for the crypto derivatives is $1.55B.
What Levels Can Lead The XRP Crypto Price To Higher Levels?
The XRP crypto price traded inside a wedge pattern for over 250 days. Finally, the sellers won the battle, and as a result, the price broke down below the pattern.
The dynamic trendline has supported us for many days and has become a resistance. The crypto price continues to slip to lower levels by taking rejection from the dynamic trendline.
The technical indicators on the XRP crypto’s daily chart also support a bearish outlook.
XRP/USD Chart by TradingView on
The price of the XRP has declined below the crucial EMAs on the chart, and the EMAs have further formed a death cross. The following EMAs plotted on the chart are 20,50 and the 200-day EMA.
The Bollinger band is further bent towards the downside, indicating weakness in the crypto price. If it breaks further below the Bollinger band’s lower band, a strong decline in the price might be seen.
The MACD indicator has shown uncertainty on charts as the MACD and the signal line overlap.
The RSI further has broken below the 14-day SMA and the 50% RSI band. This behavior again supports bearish pressure on the crypto price.
Summary
The XRP crypto faces bearish pressure, with a recent 2.8% decline. Despite boasting fast transactions and Ripple’s integration, its negative sentiment reflects declining social activity.
Derivatives data supports bears, with consistent long liquidations. Technical indicators signal a bearish outlook, including a death cross and MACD uncertainty, indicating potential further declines.
Technical Levels:
- Support levels: $0.300 and $0.460
- Resistance levels: $0.620 and $0.730
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.
