Can XRP weather the harsh market with a surge? Key indicators show…
The post Can XRP weather the harsh market with a surge? Key indicators show… appeared on BitcoinEthereumNews.com.
XRP has seen a slight recovery from the lass in its previous trading session. More traders are now taking short positions against it. The market recently experienced a general downturn, but Ripple [XRP] appeared to fare better than many other assets. Despite this relative resilience, indicators revealed that market sentiment was moving in the opposite direction of XRP’s price. Ripple sees slower declines According to data from CoinMarketCap, Ripple [XRP] experienced a relatively smaller decline over the past week compared to other top ten cryptocurrencies. As of now, XRP’s decline was approximately 5% over the last seven days. In comparison, Bitcoin saw a larger drop of over 9% during the same period. Ethereum also experienced a significant decline, falling by over 8%, while Solana faced a sharp decrease of over 17%. Ripple in the last few days Recent analysis of Ripple (XRP) on a daily time frame by AMBCrypto revealed a pattern of declines, with the most significant occurring on August 2nd—a drop of 6.13%. This decline saw XRP’s price fall from approximately $0.59 to around $0.56, marking the largest decrease in the last three days. However, despite this downturn, Ripple’s price support held strong. The analysis highlighted that the long-moving average (often depicted as a blue line on charts) acted as a strong support level at around the $0.54 price range. This support helped prevent further declines and has been instrumental in stabilizing XRP’s price amidst volatility. Source: TradingView As of the latest data, XRP has shown signs of recovery, rebounding by almost 2% and currently trading at around $0.57. Additionally, its Relative Strength Index (RSI) has returned to the neutral line, suggesting a stabilization in market sentiment and potential balancing of buying and selling pressures. Large wallets continue accumulation The recent analysis of Ripple’s supply distribution has revealed…
Filed under: News - @ August 5, 2024 12:14 am