- XRP is trading within the $2.17 range.
- The 24-hour trading volume has jumped by 24%.
The bearish pressure has pulled the crypto market cap by 1.11%, down to $2.96 trillion. This has sparked mixed sentiment across the assets, with Bitcoin and Ethereum on the downside. Meanwhile, Ripple’s XRP has posted a plunge of over 1.74%.
Breaking the asset’s key resistance levels initiates a positive price trajectory, eyeing former highs. In the early hours, the asset traded at a peak of $2.21, with a brief bullish wave.
As the bears took control, the asset has retraced to the bottom level of $2.14. At the time of writing, XRP traded at $2.17, with its daily trading volume surging by 24.64%, reaching $1.86 billion. Notably, the XRP market has witnessed a $5.32 million liquidation during this period.
Can XRP Withstand the Pressure?
The active downside correction of XRP could pull the price back to the former low at around $2.03. Further loss might trigger the asset to retrace steeply toward the $1.80 mark. The sturdy bearish pressure delays the recovery and pushes the asset to enter a potent bearish zone.
Assuming the XRP momentum reverses and holds the price at $2.21, the asset might set the stage for an early recovery. With the improving sentiment, the price is expected to surpass the $2.28 range and above. Upon breaking this resistance, it could trigger more upside.
The Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line. This crossover indicates a strong bearish momentum. Moreover, the Chaikin Money Flow (CMF) indicator at -0.13 suggests the capital is flowing out, with the potential for more downside pressure.
XRP’s Bull Bear Power (BBP) value at -0.0361 infers that the bears are currently dominant in the market. Besides, the daily relative strength index (RSI) settled at 44.15, signalling that the asset is in neutral to slightly bearish territory.
