XRP's price fell 4.32% in one day due to strong market resistance.
The RSI at 52.71 hints at more possible price drops for XRP.
The MACD shows a bearish sign that could lead to further price declines for XRP.
XRP has recently experienced a major drop in price, which had a fall of 4.32% in the last 24 hours, causing it to price at $0.5703. The token's market capitalization currently stands at $32 billion, facing a decrease of 4.31 percent, while the 24-hour trading volume has also decreased by 8.37%, reaching a price tag of $1.05 billion. The market today has seen a strong bullish trajectory, which has shown an indication of slowed investor activity.
Source: coinmarketcap
XRP opened the day while trading at $0.5971, but it quickly faced serious pressure, which led to a consistent, steady decline. XRP''s market is currently negative, as evidenced by the chart's bearish trend.
The chart sentiment itself could be used as a technical indicator that aligns with the observed bearish sentiment. The decline in the market cap along with the trading volume suggest that the XRP market is facing a strong resistance to maintaining higher price levels. The lack of strong support levels below $0.57 could lead to further declines if the selling pressure continues.
Market Sentiment and Outlook
The XRP token is currently experiencing downward pressure as it struggles to maintain its position above the $0.57 mark. The coin is trading at $0.57085 and has a decline of 2.43% in the past 24 hours. The daily charts reveal that XRP has been unable to break through the resistance levels, resulting in continued bearish sentiment.
The chart highlights a critical resistance at $0.61735, as this level has been reinforced by a downward trendline that has been in place since July, indicating a price barrier to any bullish attempts. The price action shows that if XRP fails to hold above $0.57, it may face a retest, and instead bearish movements might take over.
Source :Tradingview
The RSI indicator is currently at 52.71, hovering slightly above the moderate level of contemplation, which is 50. This signals a potential continued downtrend in the near future but could also call for a retest if the market is overbought or oversold, thus changing its track. Furthermore, the MACD indicator is showing a bearish crossover, which is marked by the histogram red bars, which are indicating a downward movement in the stock price.
The post XRP Drops as Bearish Market Pressure Grows and Faces Strong Resistance appeared first on Crypto News Land.
