- According to recent study, the XRP market has been dwindling steadily.
- Falling market capitalisation and transaction volume are contributing factors to this decline.
- During the rise, XRP ran into resistance at $0.4108 and came across support at $0.3952.
XRP prices dropped by 1.02% to $0.4, indicating that bear influence was beginning to prevail as bulls were losing ground.
The 24-hour trading volume and market capitalization of XRP dropped during the decline by 0.20% and 11.94%, respectively, to $20,163,394,602 and $843,340,887. Declining volume in a downtrend like this one may be a sign of a possible reversal and a great time to buy.
A decrease in market volatility is indicated by the converging Keltner channel bands on the 1-hour price chart. The lower band touches at 0.4093, while the upper band makes contact at 0.3954. The price oscillation below the signal line shows that the bearishness of the XRP market is escalating.
This negative idea in the XRP market is supported by the MACD blue line’s movement below the signal line. At 0.0004, the MACD line is pointing south and moving into negative territory. As the MACD veers even further to the downside, the bearish influence on the XRP market will grow.
The Relative Strength Index (RSI), which is currently 48.26, is showing a shift to the south, suggesting that the depressive momentum has accelerated. However, if bulls are able to hold onto the resistance level of $0.4108 since it is not in the oversold area, this bearish view of the XRP market may be disproved.
Following the longer term MA’s ascent above the shorter term MA, a bearish crossover can be seen on the XRP price chart. The 20-day MA outperforms the 5-day MA, which touches 0.4009, with a reading of 0.4029. The price movement below both MAs indicates that this trend will continue in the XRP market.
To invalidate this decline in the XRP market, bulls must retain the resistance level and raise prices.
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