Over the past 24 hours, the XRP price has undergone a substantial 8.7% pullback, bringing it down to the lowest levels since mid-April.
However, it seems that the XRP price is now bouncing.
This downturn highlights XRP’s recent struggles, with a 13.76% drop since last Friday contributing to a monthly loss of 21.90%.
Over the past year, XRP has endured a price decline, markedly underperforming compared to other leading cryptocurrencies.
Despite this, traders seem to remain engaged in XRP, as its trading volume has surged by 40.24% to $2.18 billion in the last 24 hours.
XRP price Falls Through Long-Term Support – What’s going on?
A closer look at the XRP price chart reveals that this increased volume may be indicative of a correction.
Most notably, the XRP price seems like it may recover the key support level of $0.4109 which has been upheld since April 13th. If it can break above it in this retest, it would symbolize restored strength.
This “correction” is underscored by the relative strength index (RSI) (purple), which has recovered from 25 to 55 over the past 10 hours.
This represents a shift from an extremely oversold state to a more neutral one, erring on bullishness. Buying pressure has eased and the downward momentum has cooled down.
However, wider trends suggest that this is only temporary relief. Most significantly, the 30DMA (yellow) is on a steep decline after crossing below the 200DMA (blue), which has mirrored its downtrend.
The alignment of both short-term and long-term moving averages in a downward direction confirms a strong downtrend. This weakness is not just a short-term phenomenon, it is expected to persist.
While sustainable long-term growth will likely depend on fundamental factors, market sentiment appears to be the current driver of XRP’s price.
Most notably, the market is currently in a state of turmoil in anticipation of huge Bitcoin sell-offs. This comes as Germany has moved more Bitcoin to exchanges, and the defunct exchange Mt. Gox moved Bitcoin suspected to be used to repay creditors.
Despite this, experts expect that these sell-offs will “mark the bottom” of the recent market decline.
It’s highly likely that Germany selling 50,000 #bitcoin will mark a bottom.
Announcing a sale of this size is idiotic and creates a reflexive feedback loop.
Let me explain my thoughts.
Imagine you’re a whale on the bid or market maker on the bid with a 1,000 BTC bid at the top…
— Joe Burnett, MSBA (
)³ (@IIICapital) July 5, 2024
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