After the decline in the cryptocurrency market last night, price movements paused. However, XRP's price movements follow a positive trend. This situation is evaluated as the technical formation in XRP may be a process before a potential bull movement.
According to CoinMarketCap data, XRP appears to be performing positively regardless of market movements. The price of XRP increased by 0.54% in the last 24 hours and reached $0.6025. The market volume is over 33 billion dollars. Weekly analysis shows that XRP is moving in a long-term descending channel formation. This formation emerged in July last year, during stagnant market conditions, and is still ongoing.
XRP's on-chain data provides important information about whether a possible upward scenario will occur. According to Santiment data, a decrease in transaction volume was observed during the period when the price of XRP decreased. This shows that investors are unwilling to sell their XRP at low prices. Additionally, a decrease in supply on stock exchanges may create a supply shortage and increase buying pressure. The fact that XRP is not selling at low prices could be a positive sign for investors.
A decrease in supply on exchanges can create the potential for future price increases.
It is important to follow on-chain data and market indicators closely.
XRP's fear and greed index is currently at 62, indicating that the market is in the "greed" zone. This may increase the likelihood of a price correction. Decreasing trends are also noticeable in other indicators. It was observed that XRP touched the upper limit of the Bollinger Bands and then retreated. This move may just be a correction, and if so, there is a possibility that XRP will rise again in the coming days.
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