- XRP is trading at $2.09 after a plunge of over 4%.
- The market recorded $7.90 million worth of XRP liquidations.
The broader crypto market is sending mixed signals across the assets, with neutral sentiment lingering. With this, the asset’s prices hang between green and red charts. Meanwhile, among the altcoins, Ripple’s XRP have been struggling to reclaim the lost bullish momentum.
The asset’s ongoing price movement features its brief decline phase, with a notable plunge of over 4.22% in the last 24 hours. In the early hours, XRP traded at its high of around $2.20. Despite rising, the price has fallen to a low in the $2.09 range, with the bearish encounter.
At the time of writing, XRP traded within the $2.09 level, and its market cap is staying at $123.71 billion. Consequently, the daily trading volume of the asset has surged by over 19.51%, reaching $3.16 billion. Furthermore, the market recorded $7.90 million worth of XRP liquidations, as per Coinglass data.
Will XRP Struggle to Push Higher?
The four-hour technical chart of XRP reports that the Moving Average Convergence Divergence line has slipped to the zero line, implying that the bullish momentum is fading. But the signal line is still above zero, with a lingering upward trend. If the MACD line crosses below both the signal and zero lines, it could confirm a bearish shift.
Moreover, the money flow assessing indicator, the Chaikin Money Flow (CMF) value of -0.04, hints at a mild selling pressure in the market. Also, the money is flowing out of the asset. A drop below -0.10 might trigger a strong negative sentiment, pulling the price back.
Assuming the XRP bulls take charge, the price could move up to its initial key resistance at the $2.13 level. With the sustained bullish sentiment, a golden cross may likely unfold, and the price might bring in a retest at around the resistance mark of $2.20.
However, if the bulls could not hold their ground, the XRP price might slip to the support at $2.03. Further downside correction could initiate the formation of a death cross, and it will steeply retrace and test the subsequent support at its recent low below the $1.95 zone.
XRP’s daily Relative Strength Index (RSI) is positioned at 43.27, indicating that the asset is in neutral to slightly bearish territory. The price may continue to consolidate or dip slightly in this caution zone. Besides, the Bull Bear Power (BBP) reading of -0.0661 suggests that the bears are currently dominant in the market.
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