Ripple (XRP) is currently trading at $3.04, a decline of 2.11% within the last 24 hours. There is a decline in market participation, with the trading volume reducing by 18.99%. The trading volume is currently standing at $5.8 billion.
Source: CoinMarketCap
In the last seven days, XRP has lost its value by 0.36%. This small drop is a sign of continued pressure in the wider market. The token remains weak, and the price moves away towards bearishness.
Crypto analyst BitGuru highlighted that XRP is in a situation of a double bottom around the $3.00 mark. This structure provided temporary support for the token and initiated a rebound to $3.08. The movement was confined to resistance, resulting in the market remaining in a state of uncertainty regarding its next direction.
Analysts predict that XRP could surge even higher if it can sustain its position beyond the $3.00 region. A breakdown to maintain this area can lead to the entry of the downside movement. This level is being closely monitored by traders, as it has been a critical level between consolidation and further fall.
Source: X
Additionally, another analyst, Kamran Asghar, revealed that XRP is in a new accumulation phase. He suggested that a clean retest of support would establish the foundation for further advance. Nonetheless, the volumes are lacking, and confidence remains low; therefore, the bulls are unable to generate a convincing rally.
Source: X
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The Relative Strength Index (RSI) is at 53.91. This will be an indication of a neutral level, implying that XRP is neither an overbought nor an oversold asset. Traders consider that this is an indication of eclipsing, and the price may move in both directions depending on the market mood.
The Moving Average Convergence Divergence (MACD) provides comparable mixed signals. The MACD line is at 0.01600, slightly higher than the signal line at 0.01497. This forms a poor bullish crossover, yet the momentum is poor. The histogram has low strength, which indicates weak buying pressure.
Source: TradingView
According to CoinGlass data, the trading volume has dropped by 24.09% to $6.69 billion. Open Interest has decreased by 1.66% to $8.89 billion. The OI-Weighted Funding Rate is now at 0.0090%, which is indicative of a slight long position preference with no great conviction.
Source: CoinGlass
XRP currently shows a weak outlook and lacks clear direction. The crucial threshold for defense is set at $3.00, as this level has been upheld and could potentially foster renewed buying interest. Any breakdown would likely enhance consolidation, leaving the token under persistent bearish pressure.
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