- XRP holds steady near the $2.26 zone.
- Trading volume has jumped by over 74%.
The broader crypto market cap is staying at $3.33 trillion, following a pullback of over 1.04%. As a result, the assets have shown mixed signals, with all major tokens charted in red. Assets like BTC and ETH are trading on the downside. Among the altcoins, Ripple’s XRP has entered the bearish trap, showing a 0.04% loss.
The frequent oscillation between loss and gain has put XRP in an indefinite situation. A steady upside correction might trigger a bullish rally. The asset’s daily high and low ranges were marked at $2.35 and $2.25, respectively. As per CMC data, XRP trades within the $2.26 zone.
Notably, the asset’s market cap is at $133.88 billion, with its daily trading volume having surged by over 74.64%, resting at $4.62 billion. Moreover, the market has witnessed $10.00 million worth of liquidation of XRP during this period, according to Coinglass data.
Is XRP Headed for a Deeper Decline?
XRP’s Moving Average Convergence Divergence (MACD) line has briefly crossed below the signal line. This crossover suggests the early signs of weakness in the uptrend or a possible correction. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.14, indicating strong buying pressure in the market, and the money is flowing into the asset.
In addition, the altcoin’s daily Relative Strength Index (RSI) is found at 51.92, which implies a neutral to slightly bullish sentiment, neither overbought nor oversold. XRP’s Bull Bear Power (BBP) value of -0.0157 signals that the bears have an edge over bulls. It could lead to a minor dip or sideways movement in the price.
The four-hour price chart of the altcoin shows a momentary downturn. If the support range of $2.22 fails to hold, the price might face a steady correction on the downside. The bears may initiate the emergence of a death cross, and the XRP price could likely decline below the $2.15 mark.
Conversely, assuming the XRP bulls wake up, the price could climb and break the key resistance at the $2.30 level. If the upside momentum strengthens, the potent bulls might target the $2.40 zone. Also, the formation of the golden cross is expected, which triggers a strong bullish rally.
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Source: https://thenewscrypto.com/can-ripples-xrp-flip-the-script-or-sink-deeper-into-the-bear-trend/