- XRP has crashed more than 5% in the past 24 hours, dropping below $3.
- The nearest support levels for the altcoin stand at $2.5, $2.2, and $2.
- XRP accumulation, however, remains unfazed and the cryptocurrency trades at $2.95.
XRP has got a $171 billion market cap and sits comfortably as the third-largest digital asset. Comfortable for now, that is, until it took a 5% tumble in the past 24 hours, dipping below the $3 mark. That price point had been holding for several weeks. After failing to climb above $3.30, XRP now has its sights set on a possible retest of $2.70 if the bulls don’t jump in and reclaim that crucial $3 level.
According to CoinMarketCap data, XRP trades at $2.95 right now, with trading volume up 71.59% in the last 24 hours, sitting at $5.38 billion. Looking at the chart below, the jump in trading volume combined with the reading from the Accumulation/Distribution line could hint at the trend in the coming days.
While the volume for XRP might be way up in the past day, the chart shows it hasn’t yet hit November levels. However, the accumulation of XRP remains on the rise, suggesting that investors aren’t ready to dump their XRP.
A few things could send XRP on a bullish run above $5. First, a potential approval of the spot XRP exchange-traded fund (ETF) applications recently submitted by Grayscale and CoinShares. Other positive signs include the possible end of the XRP lawsuit filed by the SEC and the altcoin getting included in the strategic US crypto reserve.
Related: CoinShares Aims for Spot XRP & Litecoin ETF Approval in Latest SEC Filing
XRP Price Analysis
The Relative Strength Index (RSI) for RSI reads a value of 56.15 which means that the bulls are overall in control of the XRP price action. The gradient of the line suggests a significant crash in buying pressure. So, lower prices can be expected before bulls regain control.
Related: Ripple Seeks Time Extension to Respond to SEC Appeal
The MACD indicator has confirmed a bearish divergence for the XRP token as the MACD histogram has turned red. There is a good chance of XRP hitting lower support levels like $2.50, $2.20, and $2.
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