- XRP hovers near the $2.33 level.
- Approximately $6.73 million worth of XRP positions have been liquidated in the market.
Persistent bearish sentiment continues to weigh on the crypto market. It keeps the key assets like Bitcoin and Ethereum under pressure. However, Ripple’s XRP is attempting to break out of bearish territory after posting a modest 1.41% gain.
Upon clearing the crucial resistances could ignite an upside correction. XRP’s price action is unsteady, with the brief gain pointing at a trembling attempt toward recovery.
In the early hours, XRP traded at a low of $2.27 and spiked to the $2.37 range. At the time of writing, the asset traded at $2.33, with its daily trading volume reaching $3.73 billion. Notably, the market has witnessed a $6.73 million liquidation of XRP during this period.
The Ali chart shows that XRP is forming a head-and-shoulders pattern, a bearish reversal signal. The key $2 support level acts as the crucial zone. If the asset holds above this level, it could prevent further losses.
Will Bulls Drive a More Powerful XRP Rebound?
XRP’s brief downside correction could pull back the price steadily below $2.26. Breaking below this support might lead to a fall toward $2.18, hindering any rebound attempts and exposing the asset to additional losses.
Assuming the XRP price holds $2.36 firmly—the asset could push past the $2.45 range. A golden cross could trigger a retest of critical resistance zones. A breakout might set XRP up for a strong upward move.
The Moving Average Convergence Divergence (MACD) line of XRP is found below the signal line, indicating bearish crossover and selling pressure. The asset could continue to face downtrend unless a reversal occurs.
Moreover, the Chaikin Money Flow (CMF) indicator at -0.05, suggests that the outflows are outweighing inflows and weak market demand. Concurrently, XRP’s daily trading volume has surged by over 32.97%.
The altcoin exhibits Bull Bear Power (BBP) value settled at -0.0011 signals slight bearish pressure in the market. Besides, XRP’s daily relative strength index (RSI) resting at 52.70 points to neutral to slightly bullish momentum
