The post XRP at a Crossroads: Price Consolidation Signals Uncertainty appeared on BitcoinEthereumNews.com.

XRP shows bearish signs as Chaikin Money Flow (CMF) indicates a liquidity exit from the market.  Also, most of the transactions involving XRP in the last seven days resulted in a loss with the daily ratio of XRP transaction volume displaying a reading of 0.97.  Ripple’s XRP bearish sentiment continues as it struggles to break back into the $0.50 zone. At press time, the altcoin was trading at $0.49 after surging by 0.5% in the last 24 hours and declining by 3.8% in the last seven days.  Technically, there is uncertainty around its next price movement as it trades close to its 20-day exponential moving average (EMA) in the past few days. In most cases, this is interpreted as a consolidation phase as it signals a relative balance between buying and selling. Per the current reading, neither buyers nor sellers have a key advantage over the market as crucial momentum indicators move closer to their respective centre lines. Our observation shows that the Relative Strength Index (RSI) currently reads 50.13, while its Money Flow Index is 44.44.  Indicators Paint Blurry Future According to the RSI indicator, the XRP value is currently in a state of neutrality as it is neither overbought nor oversold. For the Chaikin Money Flow (CMF), XRP was positioned on the zero line and in a downtrend. This basically means there is a liquidity exit from the altcoin market. This indicator is mostly used since it measures the flow of money into and out of an asset. Just as the current XRP reading, a position of zero or less indicates capital exit from the market. This is a bearish signal and hints at an impending price fall. The bearish extension also comes at a time when Ripple releases a staggering 150 million XRP ($78 million) from its reserves.…

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Filed under: News - @ June 10, 2024 6:26 am