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XRP is currently trading at around $1.99.
The daily trading volume has increased by more than 62%.
The cryptocurrency market generally sees recurring bearish indicators across digital currencies, amidst a continued state of fear. Prices are fluctuating in the red zone, which may lead to further losses. Larger assets, such as Bitcoin and Ethereum, are trading in a downward trend. At the same time, XRP, the digital currency of Ripple, is attempting to regain its lost momentum.
The current price movement of the currency shows a bearish phase, with a slight decline of more than 1.34% over the past 24 hours. In the early hours of trading, the price of XRP ranged around $2.01. As the market turned bearish, the price dropped to its lowest level at $1.97. If this bearish trend continues for a longer period, more losses are likely to occur.
XRP is currently trading at $1.99, with a market capitalization of $120.78 billion. As a result, the daily trading volume of the currency has risen by more than 62.15%, reaching the $1.97 billion area. Coinglass data showed that the market recorded liquidations worth $4.00 million of XRP.
Can XRP break out of the stagnation and rise?
The technical chart for XRP over four hours shows that the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line, indicating a continuation of the bearish momentum. However, the trend may start to reverse if both lines begin to rise above the zero line.
XRP chart (Source: TradingView)
Moreover, the money flow is evaluated using the Chaikin Money Flow (CMF) indicator, which stands at -0.20, indicating strong capital outflows. Sellers dominate the market, and distribution is active. Notably, to improve the current sentiment, the value should approach or exceed zero.
The price pattern shows a bearish trend, with XRP sellers pushing the price towards the support level at $1.92. Given the potential negative outlook, a death cross may appear, leading to a drop in price below $1.85.
However, if buyers for XRP emerge, the price could rise to the resistance level at $2.06. Further bullish pressure may lead to the formation of a golden cross, prompting buyers to test the next range at the recent high above the $2.13 area.
The daily relative strength index (RSI) for XRP is 43.16, indicating slight bearish to neutral momentum. There is selling pressure, but it is not strong, as the asset is still far from the oversold region. Moreover, the reading of the bulls and bears power (BBP) at -0.0166 indicates a near-neutral momentum with slight bearish dominance. Sellers are outpacing buyers, but the pressure is weak. A deeper drop may intensify the bearish momentum$ETH
