- XRP prices continued to decline over the last few weeks as traders got liquidated
New users lost interest in XRP, and overall sentiment around the token fell
Over the past several weeks, the broader cryptocurrency market has experienced a major downturn. This trend has affected XRP as well, causing it to lose a substantial portion of its value during this timeframe.
XRP continues to see red
Starting on March 13th, there’s been a persistent downward trend for XRP‘s price. After hitting a resistance at $0.7440, XRP displayed successive lower highs and lower lows, indicating a bearish market. The most significant drop occurred when XRP reached the support level of $0.601; following this, XRP plummeted by approximately 19%.
Currently, XRP is priced at $0.4965 in the markets. To reach the $0.6009 mark, there needs to be a significant surge in buying pressure.
When I penned down this text, the RSI or Relative Strength Index of XRP stood at 45.97. This figure suggested that the buying force for XRP was not very strong at that moment. Additionally, the Chaikin Money Flow (CMF) for XRP had begun to decrease. The decreasing CMF is an indication that the money flow moving into XRP has significantly dropped.
Traders were greatly impacted by the recent drop in prices. To give you an idea, more than $2.13 million in long positions were forced to close within the last 24 hours. Additionally, a bearish outlook among traders rose to 51.2% during this timeframe.
An extra finding from AMBCrypto’s examination of Santiment’s data is that XRP‘s network expansion decreased, indicating that the number of new XRP addresses has been waning. A dwindling interest from new addresses could negatively impact XRP’s future expansion. Furthermore, the pace of XRP transactions also slowed down.
Over the last few days, the number of XRP trades occurring per unit time has noticeably decreased, indicating a drop in XRP’s trading frequency.
Word on the street
XRP also recorded a decline in popularity on the social front. Social volume around the token fell materially over the last few days. Coupled with that, the weighted sentiment for XRP fell too. The declining weighted sentiment implies that the number of negative comments around the token are starting to outnumber the positive ones.
Read Ripple’s [XRP] Price Prediction 2024-25
In simpler terms, the increasing doubt towards XRP might significantly impact its value negatively in the long run. The upcoming week, particularly following Bitcoin‘s halving event, will provide crucial insights into its future direction.
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2024-04-19 10:15