- XRP has continued to show a weak trend.
Buyers remained dominant despite the weak trends in the past few weeks.
As a researcher with a background in technical analysis and cryptocurrency markets, I have closely monitored the recent trends of XRP. Based on my observations and the data presented, I believe that XRP’s price trend remains weak, with no clear signs of recovery in the immediate future.
As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price has been declining without any evident signs of an imminent rebound. The level of interest in XRP is currently subdued, while Toncoin is making significant strides and may pose a threat to XRP’s market dominance.
Ripple continues weak trend
At present, the technical examination of XRP on the daily chart suggests a persisting downtrend.
The yellow line, representing the short-term moving average, stayed beneath the blue line, signifying the long-term moving average, with XRP‘s price continuing to decrease relative to both.
The alignment of the short-term and long-term moving averages suggested that they were serving as hurdles for XRP‘s price movement in the near term and longer term, respectively. This arrangement underlined the current feeble price momentum of XRP.
On June 26th, XRP ended the day around $0.469, representing a 1.35% decrease. This downward trend continues, as the price has dipped further to approximately $0.466, equating to a minimal decline of roughly 0.7%.
The RSI reading was moving closer to the oversold level, which is approximately 35 at present. This was beneath the neutral threshold, suggesting a robust downward trend.
As an analyst, I would interpret an RSI crossing below the 30 threshold as a possible indication of an oversold condition. This situation could potentially lead to a corrective rally, as some traders may see it as an opportunity to buy and profit from the anticipated market rebound.
On the heels of Ripple
As a researcher examining the latest cryptocurrency market trends, I’ve discovered that XRP has suffered a setback, with its value dropping by more than 6% in the last week. Notably, this decline falls short of Bitcoin‘s [BTC] descent, which exceeded 7%.
Currently, XRP boasts a market capitalization of approximately $26 billion, making it the seventh largest cryptocurrency in terms of market value.
Compared to others, TON ranked eighth in terms of market capitalization, boasting a value of around $18.6 billion. Such a position is commendable given TON’s impressive climb up the rankings recently.
As a market analyst, I can tell you that I’ve observed an impressive surge for Toncoin (TON), outpacing the likes of Tron DAO (TRX), Cardano (ADA), and Dogecoin (DOGE) in terms of growth. This rapid advancement underscores Toncoin’s expanding market influence and the heightened investor attention it has attracted.
Based on present tendencies, if XRP‘s growth slows down while Toncoin experiences a surge, there is a possibility that the market capitalization rankings may change accordingly.
XRP interests remain low
Based on the latest data from Coinglass, Ripple’s (XRP) open interest has stayed fairly low over the past few weeks, with approximately $580 million in open positions currently.
As an analyst, I’ve observed that the activity level for XRP derivatives has remained relatively unchanged since April, indicating a substantial decrease in both cash infusions and trader involvement.
Despite the low Open Interest, the Funding Rate has remained positive, currently at about 0.0086%.
Read Ripple’s [XRP] Price Prediction 2024-25
In simpler terms, when the funding rate is favorable, it means that it costs more to maintain a long position compared to a short position. This implies that investors continue to have some influence over the market’s direction.
Amidst the generally muted trading environment, this observation might be interpreted as a small glimmer of optimism, suggesting that some traders remain bullish, even if their numbers are relatively few.
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2024-06-27 16:08