Over the past 24 hours, the price of XRP has risen.
The bearish trend persists even with the current price increase.
In the last 24 hours, the price of #Ripple [XRP] has increased by 3.24%. At the time of publishing this article, the altcoin was trading at a price of $0.49. Over the past seven days, its price has increased by 0.04.
According to Coinmarketcap, XRP's market value #rose 3.08% to $27.4 billion. However, its volume in the last 24 hours fell 18.6% to $813 million.
According to AMBcrypto's analysis, #XRP rose from a previous low of $0.46 to $0.51 on June 15, marking a price increase of 9.45%.
This price increase followed the recently recorded correction down from USD 0.45. Thus, prices have risen over the past 24 hours after support was able to hold the downtrend.
The current rally points to the potential for further gains if XRP breaks the resistance level near USD 0.53.
In fact, the RSI is at 45, indicating more selling than buying. Such an RSI means that selling pressure will cause prices to fall. In general, prices will fall if selling pressure intensifies.
Similarly, a CMF minus 0.05 indicates a continuation of the bearish trend. In a sense, a CMF below zero supports the downtrend. Therefore, despite the current rise in prices, the overall market is expected to decline further.
What are the indicators pointing to?
Looking further, various indicators confirm the continuation of the bearish trend.
Santiment data shows that XRP continues to reduce outflows from exchanges. Decreasing churn means that the withdrawal of XRP from exchanges to wallets is decreasing.
When the churn is high, the price of the #cryptocurrency rises due to scarcity, while a decrease in churn means a decrease in price.
Additionally, according to Santiment, XRP increases the supply of stablecoins held by whales.
What is the future of XRP?
Read us at: Compass Investments
