XRP Crypto Still Showing Signs of Further Decline in Price

• XRP was following an uptrend in the longer term but has recently declined by -5.17 % in the last week.
• The Volume of the crypto has consistently declined by -16.81% in the last 24 hours.

XRP was created by Ripple and used to facilitate payments on a global payment system which lets the user make faster and secure low-cost transactions.

The current market cap of the XRP crypto is $25.46B ranking 6th in the overall crypto market. The circulating supply of the XRP coin is $53.08B XRP whereas the max supply of the crypto is 100B XRP and the fully diluted market cap of the coin is $47.976B.

The derivatives volume data of the XRP crypto has also declined by -19.05% following a decline of -46.56% in options volume in the last 24 hours. The long/short ratio of the crypto is 0.9948 and the crypto has a higher short liquidation of $1.66M as compared to the long liquidation of $759.12K.

XRP Price Technical Analysis 

The price of the crypto was advancing from the lower levels making higher highs and this advance in price led to the formation of a dynamic trendline where the crypto took support on each retracement. The of the crypto has broken down below the same line and this breakdown represents weakness in the price and this can lead the price to the lower levels.

The price of the crypto is trading below the 50-day and the 200-day EMA on the weekly timeframe and the EMA’s are following a death cross, this indicates bearishness in the market.

The RSI for the XRP coin is currently trading below the 50-level and has also declined below the 14-day SMA line, this represents weakness in the current price of the crypto.

XRP Volume Analysis

The derivatives volume for the XRP crypto showed a spike during the month of July in the year 2023 and since then the volume dropped off, and there has been no significant activity in the crypto since then.

Conclusion

The XRP price has broken down below the dynamic trendline leading to the change of character of the crypto to negative. The crypto is also trading below the death-crossed EMA bands and is showing weakness in the RSI on weekly charts. Therefore, the price of the crypto can decline to lower levels in the upcoming days and can lead to a change in trend if it breaks above $0.95355.

Technical Levels 

• Support Level: $0.17040 and $0.3080
• Resistance Level: $0.8920 and $1.2510

Disclaimer

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.