XRP Price Fails to Rally: Key Indicators Predict Further Decline

2024-03-31 05:09:06

• The price of XRP has increased by only 1% in the past week.
• Key technical indicators hint at a further decline in the altcoin’s value.

Token nativo de Ripple XRP has failed to register any significant price rally, despite the overall market rally in the last week.

During this period, Bitcoins [ BTC] The price growth above the $70,000 mark sparked an overall surge in the cryptocurrency market.

According CoinGecko’s According to data, the global cryptocurrency market capitalization has increased by 8% in the last seven days. At press time, this was $2.8 trillion.

XRP is trending in an opposite direction

At the time of writing, XRP changed hands at $0.62. By CoinMarketCapIts value has seen an increase of just 1% in the last seven days.

AMBCrypto’s readings of its price movements on a 1-day chart hinted at the possibility of a further drop in the altcoin’s value.

First of all, XRP price was below its Parabolic SAR indicator at the time of writing. Traders use this indicator to determine possible reversal points in the price direction of an asset. It is made up of points that are above or below the price of an asset on a chart.

When the points are below the price, they suggest an uptrend. On the contrary, when they are positioned above the price, as is the case here, the market trend is bearish. This also suggests that the price decline is likely to continue.

XRP’s MACD line was detected below the signal line, confirming the current bearish trend. Marking the beginning of the bearish cycle, the MACD line crossed the signal line on March 16 and since then the value of XRP has fallen by almost 10%.

This intersection is considered bearish because it suggests that the short-term momentum of the asset’s price is weakening relative to the long-term momentum. Traders often consider it a signal to exit long positions and take short ones.

Furthermore, XRP’s Elder-Ray index, which estimates the relationship between the strength of buyers and sellers in the market, has been significantly negative over the past two weeks.

How much they cost 1,10,100 XRP worth today?

This indicated that selling activity has outpaced buildup among market participants.

Looking at XRP’s performance in the derivatives market, its futures open interest has fallen slightly by 0.3% since March 13. This suggests that a considerable number of contracts were closed as traders abandoned the market to avoid losses.

Source: XRP/USDT on TradingView

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