How Is the Slowdown in Bitcoin Crypto Impacting XRP Crypto?

• XRP price has advanced by 10% from the demand zone.
• The intraday change of the XRP crypto price is very minor, indicating a flat market.

XRP, native to the XRP Ledger, boasts rapid transaction settlements and high scalability for financial services.

Created by Jed McCaleb, Arthur Britto, and Chris Larsen, it is closely associated with Ripple.

This promotes its utility in global payments through RippleNet, which offers liquidity for cross-border transactions adopted by major financial institutions.

Since 13th March 2024, the BTC crypto price has consistently declined, leading to lower lows. As a market leader, the rest of the altcoins follow it.

The price of the BTC crypto further has declined below the $62000 level, following which the XRP crypto is currently trading at crucial lows. 

The market cap of the crypto further has witnessed a slight advance of 0.45% in the last 24 hours. Also, the market cap value of the XRP is $28.831B, which makes it the 7th largest cryptocurrency in the global crypto market.

Derivatives Indicating Bears’ Dominance In XRP Crypto

The derivatives volume for the XRP has not witnessed any significant change over the last 24 hours from press time. Following this, the spot volume of the crypto is also trading flat.

The open interest has also not witnessed any significant change, while the options volume has declined by 46.5%. This shows the declining activity of traders in crypto.

Moreover, a higher long liquidation worth $620.06K is recorded against the short liquidation of $173.05K. This further shows that sellers are ruling over the price.

Bears Presenting Their Dominance On XRP Technical Chart, How?

The price of the XRP crypto can be seen trading inside a parallel wedge pattern on the daily timeframe. The crypto price has sustained the same for more than 250 days.

Looking further into the charts, we can see strong bearish candles on the daily chart, while the bullish candles formed inside the pattern are tiny compared to the bearish candlesticks.

The crypto price is also sustaining at the lower band of the EMA. This shows the seller’s dominance and a higher possibility of further decline in the crypto price. 

XRP/USD Chart by TradingView

The technical indicators also support the weakness of the crypto price. The 50 and the 200-day EMAs are trading in a death cross.

The crypto price has also declined below the following EMAs, and the value of the crypto price and the EMAs are declining.

Summary

The decline in Bitcoin‘s price influences XRP, which has risen marginally amidst a flat market. XRP‘s association with Ripple for global payments hasn’t shielded it from market pressure. 

With BTC leading the downturn, XRP faces bearish sentiment, which is evident in stagnant derivatives and technical indicators, signaling potential further decline.

If the crypto price continues to decline as per the given data, it might face resistance at the lower levels of $0.440 and $0.470.

Also, the resistance levels for the crypto are $0.570 and %0.6420.

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.