đ„ According to AMBCrypto: $XRP Continues to See Red
However, this ongoing decline in price is part of a larger trend that started on 13 March. After testing the $0.7440-level, XRPâs price exhibited multiple lower lows and lower highs, establishing a bearish trend. The biggest fall happened after XRP tested the $0.601-level, following which, the price of XRP fell dramatically by 19%.
At press time, XRP was trading at $0.4965. For the price to hit the $.6009-level, a large amount of bullish momentum would be needed.
At the time of writing, the RSI (Relative Strength Index) had a reading of 45.97. This indicated that buying momentum for XRP was relatively weak. Moreover, the CMF (Chaikin Money Flow) for XRP had started to fall too. The declining CMF is a sign that the money flow for XRP has materially fallen.
This decline in prices affected traders significantly. For example â In the last 24 hours alone, $2.13 million worth of long positions were liquidated. The bearish sentiment projected by traders grew to 51.2% over this period too.
Additionally, AMBCryptoâs analysis of Santimentâs data revealed that the the network growth for XRP declined. This means that new addresses have been losing interest in XRP. A lack of interest from new addresses would be detrimental for the growth of XRP in the future. Moreover, the velocity around XRP fell as well.
Declining velocity is a sign that the frequency with which XRP was trading at had declined materially over the past few days.
