- XRP has traded around $2.55 over the past 24 hours.
- The market saw $10.62 million in XRP liquidations.
Ripple’s XRP is fighting to escape a bearish grip. Analysts foresee that clearing this hurdle could trigger a climb toward new highs. XRP’s recent rally looks shaky, with the gains hinting at a potential fakeout.
XRP stays below $2.60, and the testing phase endures. The altcoin recorded a 4.18% decline in the last 24 hours. XRP visited its daily high of $2.73 in the early hours, from the lowest price marked at $2.55.
At the time of writing, the altcoin trades at $2.55 with its daily trading volume reaching $4.73 billion. The market has witnessed a $10.62 million liquidation of XRP during this interval.
Notably, the Securities and Exchange Commission (SEC) has received a filing from MEMX, a U.S. securities exchange, for the listing of an XRP ETF categorized as a “Commodity-Based Trust.”
Can XRP Regain Momentum?
XRP price could face a steady pullback if it slides below the $2.47 range. A break below this level with selling pressure might lead to further downside toward $2.20. This could delay the recovery attempts, opening the door to further losses.
Assuming XRP holds the $2.62 range firmly, it could push past the $2.70 threshold. In the event of forming the golden cross, the asset could retest its crucial resistances, and if broken, it could be gearing up for a run at the $3 mark.
The Moving Average Convergence Divergence (MACD) line of the asset crosses below the signal line, indicating bearish momentum. It is considered a sell signal or a sign to exit positions. The bearish crossover hints that the market could continue moving lower.
In addition, the Chaikin Money Flow (CMF) indicator positioned at -0.14, suggests moderate selling pressure. A negative value hints at more selling than buying. Concurrently, XRP’s daily trading volume has increased by over 14.12%.
The 24-hour trading chart of the altcoin exhibits Bull Bear Power (BBP) value at -0.0245, pointing out that bears are slightly in control of the market. XRP’s daily relative strength index (RSI) lay at 46.18, which is in neutral-to-bearish sentiment.
