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In the last twenty-four hours, XRP had a bearish trend despite having a bullish opening to the day, which was nullified after failing to break through an intraday peak of $0.6238. The current price is at $0.5988, indicating a decrease by 1.30% over last one day. This recent downturn continues with what has been a bear run during the entire course of this day.
Meanwhile, according to CoinMarketCap, the trading volume for XRP currently stands at $1,902,717,297 meaning that it has fallen by 8.35% compared to yesterday’s figures; thus signaling reduced interest or activity at current price level.
Simultaneously, market capitalization fell by 1.21% paralleling drop in prices resulting from a contraction in overall market interest. The declining volume and market cap imply that traders may be wary or not interested in buying at these levels, particularly as SEC settlement remains pending.
The immediate resistance XRP faces is near the high reached today of $0.6067 whereas its nearest support lies around $0.59 where there were some bounces after it declined sharply from its price position before then; holding above this level is vital if further declines are to be avoided.
The chart indicates a series of highs and lows along its way up and down again for Ripple (XRP). First and foremost, Ripple went up, hitting a maximum point of 0.6067 USD pair this month before nosediving afterward only for retesting (double-top pattern) another top followed by a new slide signaling a classic reversal signal pattern; hence forming a double-top pattern which is also known as bearish reversal signal pattern.
It also closed below yesterday’s low showing bears’ strength in currency markets right now; therefore appearing extremely bearish. This downward move suggests weakness as buyers lack conviction currently.
But if it breaks lower than the support zone of 0.59, then the price may quickly fall towards 0.55 and 0.50 on the downside. Conversely, surpassing resistance levels at 0.62 and 0.65 could open doors for additional profits as the next important resistance point is positioned around $0.70.
However, there are still signs of potential growth ahead amidst the latest bearish momentum experienced in XRP’s market price action over the past few hours. A well-known crypto analyst believes that the XRPBTC chart signals a rally similar to that which took place in 2017 and this has ignited some excitement across various communities among investors who are already curious about what will happen next.
In the January to February period of early last year, Ripple (XRP) price surged dramatically before experiencing unspecified variations but having been relatively stable until March 2021 (inclusive).
Moreover, bullish RSI values added optimism to traders’ expectations. Notably, a Binance whale has recently shifted huge amounts of XRP into wallets thought to be owned by institutional investors
Furthermore, the possible settlement of the Ripple-SEC case has led to speculation and hope among investors in this cryptocurrency field worldwide while its expected resolution has been considered as an event that may trigger a rise in prices.
Nonetheless, there is no concrete information supporting these notions and it can turn out to be another “sell-the-news” kind of situation.
In addition to this news, however, Brad Garlinghouse who is Ripple CEO made a remark on his Twitter account suggesting that the U.S. might approve an XRP ETF by 2025 thus driving up expectations of a price rally.
