- XRP is trading at $2.36 over the past 24 hours.
- The market has witnessed $11.72 million in XRP liquidations.
As the day opened, the crypto market exhibited a blend of signals. Bitcoin and Ethereum were unable to recover their losses, while Ripple’s XRP dropped over 3.41%. XRP price confronted heavy volatility with a potential death cross formation.
The asset attempted to form new highs but faced resistance and remains under pressure, trading with potential downside risks. In the early hours, XRP traded at $2.46. With the bears in control, the price plunged toward the $2.29 zone.
At the time of writing, XRP trades at $2.36 with its daily trading volume reaching $7.26 billion. Notably, the market has witnessed an $11.72 million liquidation of XRP during this interval.
The altcoin has lost over 23.79% in the last seven days. It opened the week trading at around $3.10, and as days progressed, it fell back to its weekly low at $2.01.
Will XRP Shake Off the Bearish Trend?
The technical indicators report a negative sentiment of XRP with the Moving Average Convergence Divergence (MACD) line and the signal line beneath the zero line. This indicates the bearish crossover, and if the MACD line crosses steadily over the signal line, it could signal a bullish reversal.
Moreover, the Chaikin Money Flow (CMF) indicator at -0.24 suggests strong selling pressure within the market. It suggests prices could keep falling unless buyers step up. Meanwhile, the asset’s daily trading volume has dropped by 1.35%.
XRP’s short-term trend in the four-hour timeframe exhibits the nearby support at $2.27. If the bulls fail to defend this level, the price could slide to the $2 range or even lower. This would confirm a deeper bearish trend, making XRP’s recovery more challenging.
The altcoin faces an uphill battle in reclaiming its lost position. However, breaking past the $2.49 range might open the path for further gains. A move beyond $2.91 would nullify the in-progress bearish outlook, pushing for further upside correction.
In addition, XRP’s 24-hour chart reveals the short-term 9-day moving average below the long-term 21-day moving average. Besides, the daily relative strength index (RSI) stationed at 35.41, indicates the asset is approaching the oversold zone, with selling pressure outweighing buying pressure.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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