XRP Price Analysis: Despite a 3% Surge, Metrics Indicate a Continued Bearish Trend
- WBOYOriginal
- 2024-06-18 19:17:13856browse
XRP [XRP] has experienced a 3.24% surge in the last 24 hrs. At press time, the altcoin, was trading at $0.49. In the last seven days, it has experienced a price rise of 0.04.
Ripple [XRP] has experienced a 3.24% surge in the last 24 hrs. At press time, the altcoin was trading at $0.49. In the last seven days, it has experienced a price rise of 0.04.
In fact, it was also reporting a 1.1% increase in the last hour. According to Coinmarketcap, XRP’s market cap has surged by 3.08% to $27.4b. However, its volume has declined by 18.6% in the last 24 hrs to $813M.
AMBcrypto’s analysis shows that XRP increased to $0.51 on the 15th of June from a previous low of $0.46, which was a 9.45% price increase.
The price increase followed a downward correction from the recently recorded price of $0.45. Thus, after the support managed to hold the downtrend, the price increased in the last 24 hours.
The current increase sets XRP for a further rise if it breaks out the resistance level of around $0.53.
In fact, RSI at 45 showed that there were more sales than purchases. This RSI index implied that the prices will go down because of selling pressure. Overall, a higher selling pressure results in a price decline.
Equally, a negative CMF of -0.05 showed the continued bearish trend. In a sense, a CMF below 0 supports a downtrend. Thus, despite the current price surge, the overall market is positioned for a further decline.
Looking further, various indicators support a continued bearish trend.
According to Santiment’s data, XRP has reported a continued decline in exchange outflow. A decline in exchange flow means XRP withdrawal from exchanges to wallets is reduced.
When there is a high outflow, crypto prices rise because of scarcity, while reduced outflow means lower prices.
Further, according to Santiment, XRP has recorded a higher supply of stablecoins held by whales. In press time, whales with over $5 million of XRP held $27M, which is 52% of the total supply.
The accumulation of exchanges in a few holders increases price volatility, which is witnessed by the bearish trend even with the recent price increase.
As of the time of writing, XRP was recording a 3% increase in the last 24 hrs. However, the price increase seems to consolidate with a bearish market trend. Various metrics showed that the bearish trend is set to continue.
The exchange outflow indicated a continuous bear market trend. Equally, a negative CMF indicated a further downtrend, while a 45 RSI index indicated a selling pressure that was likely to push the market down further.
News source：https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-analysis-surge-metrics-continued-bearish-trend.html
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