- Market turbulence continues, with Binance now embroiled in a controversy
- According to technical indications, the XRP market will remain under bear grip
- The XRP price may continue to fall if it drops below the $0.3481 support level
Crypto markets have been tumultuous since the FTX meltdown. Binance has seen more withdrawals because to concerns that customers’ assets may be mixed with the exchange’s funds. Mazars’ South African affiliate’s proof-of-reserves and proof-of-liabilities verification report blasted Binance last week for only disclosing “part” of its assets and liabilities. This has devalued most cryptos, including XRP.
The current market turmoil has caused XRP’s value to fall to $0.3528, a drop of 6.78 % as of press time. Evidence of this heightened selling pressure can be seen in the 6.88% drop in market capitalization to $17,770,987,465 and the 66.34% rise in 24-hour trading volume to $1,129,298,972.
Bollinger Bands are widening as the upper band hits at 0.4016 and the lower band touches at 0.3499, reflecting the increasing selling pressure. The trend of the market price towards the lower band lends credence to this bearish view by indicating that bear strength is intensifying.
This bear domain in the market is expected to continue as long as the Know Sure Thing (KST) trend below the SMA line. This is evident on the 4-hour price chart, where the KST line is at -45.4726 and the SMA line is at -20.3268.
A Money Flow Index (MFI) score of 80 or higher indicates that the market is overbought, while a score of 20 or lower indicates that the market is oversold. Traders can then use this data to their advantage by selling when the indicator indicates an overbought condition and buying when it indicates an oversold condition. On the XRP price chart, the MFI is 15.56, which is consistent with a continuing negative market trend and thus indicates a buy signal.
On the XRP price chart, a bearish crossover is shown as the short term MA crosses below the long term MA with values of 0.3565 and 0.3758, respectively. This movement shows that if bulls do not intervene, the market may continue to fall.
If the market’s downward trend is to be nullified, bulls must strive to retain the resistance level and keep prices above water.
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