Consecutive Sell Volume has Brought the Price of XRP Down

• XRP saw a 2.35% drop in price over the last 24 hours.
• The daily chart for XRP shows that the price of the token has dropped below the daily 9 and 20 EMA lines.
• The daily RSI line is also sloped negatively towards the oversold territory.

The crypto market is mostly bathed in red today, and XRP is no exception. The altcoin saw a 2.35% drop in price over the last 24 hours, reaching a low of $0.3727 over the same period. XRP is also still in the red by more than 3% over the last week.

The crypto’s 24-hour trading volume saw a double-digit increase over the previous day. It now stands at $588,067,651 after an 84.04% increase.

Adding to XRP’s struggles over the last day is the fact that the altcoin weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 1.03% and 0.25%, respectively.

The daily chart for XRP shows that the price of the remittance token has dropped below the daily 9 and 20 EMA lines, which have offered token support over the last week. There have been 4 days of consecutive sell volume, ultimately bringing XRP’s price down to its current level.

Technical indicators have now also been flipped bearish in this sequence. Currently, the daily 9 EMA line is positioned below the daily 20 EMA line. In addition to the bearish flag seen with the daily 9 and 20 EMA lines, the daily RSI line has also crossed bearishly below the daily RSI SMA line.

The daily RSI line is also sloped negatively towards the oversold territory, which suggests that the bearish trend will likely continue over the coming 2-3 days.

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