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XRP witnessed a massive decline in price over the last few days.
Traders turned bearish, and new addresses lost interest.
Over the past 24 hours, XRP (Ripple) experienced a drop in value, causing some concern about its potential performance in the cryptocurrency sector.
Price takes a hit
Based on information from CoinMarketCap, XRP‘s price decreased by 9.34%. This drop continued the trend of declining prices for XRP which began on the 11th of March.
After hitting a resistance at $0.7440 during a recent test, XRP‘s pricing trend has taken a turn for the worse. This is evident in the succession of new lows in price, accompanied by decreasing highs, which clearly indicates a strong bearish tendency.
The price of XRP would need large amounts of bullish momentum to reverse this trend.
Additionally, the Chaikin Money Flow (CMF) and On-Balance Volume (OBV) charts showed signs of weakness in XRP‘s price trend.
In simpler terms, the buying and selling pressure indicator (CMF) showed a reading of 0.00, suggesting that there was little to no demand for purchasing assets at this time.
Another indicator, the Volume Weighted Average Price (OBV), which measures volume flows to determine market sentiment, has likewise decreased during this timeframe, suggesting that the bullish energy is waning.
If things don’t change for XRP soon, the price could further decline.
Looking at the data
Along with price signals, the activity data for XRP suggests waning enthusiasm among new investors. According to AMBCrypto’s examination of Santiment’s statistics, the number of new users engaging with the XRP network has decreased.
The decline in network growth suggested that new addresses were losing interest in XRP. If addresses choose to not buy XRP at these discounted prices, the chances for XRP’s reveal can turn even more bleak.
In addition, XRP‘s exchange flow showed a deficit, signaling that more XRP was leaving exchanges than entering them.
The attitude of traders toward XRP grew more pessimistic, leading to a significant increase in the number of short positions held against XRP, reaching 51.8%.
Among traders, there was a widespread belief that things would get worse for XRP, which might lead to an even greater decrease in its price.
Read Ripple’s [XRP] Price Prediction 2024-25
Additionally, the development momentum for XRP seemed to slow down, raising concerns about the innovation and advancement within the associated community.
Recent advancements positively impact the public perception and value of both the network and its associated token. A decrease in progress may negatively influence investors’ faith in XRP‘s future potential.
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2024-04-15 04:08