After climbing above $0.5276, reaching the peak of the day for the bulls, the
XRP
price retreated in the past 24 hours. Despite the downward movement, the recent surge did not go unnoticed. The drop in price coincided with whale activities as reported by Whale Alert.
XRP Coin Comments
As of now, the bearish sentiment towards XRP remains. Prices pulled back by 1.16% from the day’s high and were trading at $0.5204. Visit
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Following the price decline, XRP’s market capitalization also decreased by 1.11%, dropping to $28.9 billion. However, there was an increase in the 24-hour trading volume. With a 6.47% increase in the last day, the volume surpassed $1.2 billion. This surge in volume amidst the price drop could suggest that
traders
are interested in buying XRP at lower prices.
Recent reports revealed that large amounts of cryptocurrency were transferred to exchanges by XRP whales. Around 28,890,000 XRP, valued at approximately $15,025,812, was sent from an undisclosed wallet to the Bitstamp exchange. In another transfer, 29,850,000 XRP, worth about $15,522,089, was moved to Bitso exchange.
Meanwhile, the volume of XRP in derivative exchanges dropped by 1.61%, reaching $646.70 million. This decrease may indicate a slowdown in trading activity or an upcoming market consolidation.
XRP Coin Price Outlook
Analyzing the XRP chart, the Moving Average Convergence Divergence (MACD) showed a value of -0.0006, signaling a continued downward trend in XRP price. The negative trend persists as indicated by the MACD.
The current trend and the shift in the histogram towards the negative region suggest an increase in selling pressure in the market.
On the other hand, the Chaikin Money Flow (CMF), which tracks the money flow into XRP, also remains in the negative territory. This indicates that money is flowing out of XRP and the market, highlighting a shift from accumulation to selling due to selling pressure.
Moreover, the Money Flow Index (MFI) nearing the oversold region at 29.56 implies that a new buying pressure could be on the horizon, according to the charts.
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Disclaimer:
The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
