- XRP has dropped over 4.70%, with its price trading at $2.40.
- The market saw a $20.17 million liquidation of XRP.
This trading day opened with bearish traits in the crypto market, with a 2% plunge in the total market cap. The largest cryptocurrencies like Bitcoin and Ethereum are priced in red. Along with Ripple’s XRP has turned red, mirroring the broader market sentiment.
The recent bull market has pushed the price of XRP to new highs, igniting anticipation among the community of a potential $3 barrier breakthrough.
In the morning hours, XRP trades on the upside, visiting its daily high of $2.64. Despite climbing up, the asset chose a downside correction and hit its daily low at $2.41. At the time of writing, the altcoin trades at $2.40, losing over 4.70%.
Furthermore, a $20.17 million liquidation of XRP was observed in the market during this timeframe, as per Coinglass. Also noting its daily trading volume resting at $12.39 billion.
The price of XRP has surged over 333% in the last thirty days. The altcoin hit a monthly high of $2.82 from a low of $0.55.
On the other hand, Ripple CEO Brad Garlinghouse discussed the firm’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) in an interview on CBS News’ 60 Minutes.
Is a Turnaround in Sight for XRP?
While analyzing the four-hour price movement of XRP, it exposed the current negative sentiment. If the bearish momentum continues, the altcoin might struggle to break through its new highs and could face a pullback. It will likely test the support level at $2.19, reversing its recent gains.
If the downtrend fades and a steady uptrend resumes, the XRP price could test the $2.76 resistance level. In the case of XRP surpassing this range, the all-time high of $3.84 might be the next crucial resistance, which could ignite a new price rally.
It’s significant to point out that the technical indicators of XRP expose the Moving Average Convergence Divergence (MACD) line beneath the signal line, indicating the downside price movement and selling pressure with an imminent bear run.
The Chaikin Money Flow (CMF) indicator is laid at 0.01, inferring a brief positive money flow and mild buying pressure. This doesn’t suggest a steady upward movement, but a cautious bullish sentiment. Meanwhile, the asset’s trading volume has plummeted by over 1%.
The 24-hour frame of the altcoin shows the short-term 9-day moving average above the long-term 21-day moving average at $2.54 and $2.45, respectively. Besides, XRP’s current sentiment is neutral within the market, as the daily relative strength index (RSI) is found at 47.68.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
