- XRP’s price rose by only 1% during the past seven days.
- The key technical indicators point to a further drop in altcoin value.
Ripple’s native token XRP Has failed to record any meaningful price rise, despite the overall market improvement in the past week.
The period between the two dates is called “the transitional period”. Bitcoin’s [ BTC] The crypto market has seen a surge of activity since the price reached $70,000.
As per CoinGecko’s According to data, global crypto market capitalization increased by 8 percent in the last seven days. This was $2.8 trillion at the time of press.
XRP is trending in the opposite direction
XRP is currently trading at $0.62. As of this writing, XRP is trading at $0.62. CoinMarketCapIts value increased by just 1% in the last seven days.
AMBCrypto’s analysis of the price movement on the 1-day chart suggested that there could be a possible further drop in altcoin value.
Firstly, XRP’s price was below the Parabolic SAR when this post was written. This indicator is used by traders to identify potential price reversal areas. The indicator consists of dots placed above or beneath the asset price.
They indicate a trend that is bullish when the dots are below the price. When the dots appear above the current price (as they do here), the trend of the market is negative. It also indicates that price decreases are likely to continue.
XRP MACD was seen below the signal, confirming a current bearish pattern. On 16th March the MACD crossed over the signal, bringing in a bearish cycle. Since then, XRP value has fallen by nearly 10%.
The intersection of these two lines is a bearish sign, as it indicates that the price momentum is waning in the short term relative to its longer-term. It is often a signal for traders to sell long positions and take on short ones.
Further, XRP’s Elder-Ray Index which measures the relationship of strength between buyers and sellers on the market has been negatively impacted in the last two week.
What is the cost? 1,10,100 XRPs worth today?
It is clear that the market’s participants are selling more products than they are accumulating.
XRP’s Futures Open Interest on the Derivatives Market has decreased by a small 0.3%, since March 13th. It is possible that traders have closed a large number of contracts to avoid losses.
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Source: ambcrypto.com