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- 1 XRP coin delivered low volume buying momentum signifies bearishness.
- 2 Buyers are struggling to cross the 20-day EMA mark and look weak.
The XRP coin price trades in a narrow range and is facing consolidation, signifying a setback ahead. If any selloff triggers below the 200-day EMA support mark, the XRP coin will retest the demand zone of $0.5000 soon. Moreover, a bearish double top pattern was visible on the charts, indicating that sellers might engage in pushing the coin.
At press time, the XRP coin (XRP) price was trading at $0.6230 with an intraday drop of 0.38%, reflecting neutrality on the charts. It has a monthly return ratio of 13.20% and 21.90% on a yearly basis. The pair of XRP/BTC is at 0.00000880 BTC, and the market cap is $34.17 Billion. Analysts are neutral and suggest that XRP price may face selloff and will retest the demand zone of $0.5000 soon.
XRP Price to Volume Profile Reveals Weakness
The above chart shows the combined metrics of the XRP coin price and volume which signifies that buyers are struggling and is at the crucial support zone of $0.6000. The price action highlights bearishness and is showing the bears solidity in the last sessions. This month, the coin remained in the range and did not reflect any bullish cues amidst the bull market. The trading volume noted a drop of over 6.28% to $2.30 Billion.
Price Volatility and Sentiment Analysis
Following the price consolidation, the coin reflected less volatility and is signifying a lack of momentum in the buying cartel. The volatility curve was noted at 0.011, indicating that buyers are not showing their interest. Likewise, the weighted sentiment remained negative and the value stands below the midline at -0.081.
Social Dominance and Development Activity Outlook
Per the Santiment data, the XRP coin witnesses average movements in the social dominance data, noting around 1.629% reflects a positive stance among the investors. This week, the development activity reflected a rebound and surged to 2.22, showing an optimistic outlook.
What Does Open Interest and RSI Indicate?
The derivative data indicates a long unwinding activity, the open interest dropped over 1.28% to $988.31 Million, indicating that buyers are not looking confident, which might result in a trendline breakdown ahead. However, the RSI curve stayed close to the midline and is depicting a negative divergence on the charts.
Per the Fib levels, the XRP coin price has sustained above the 38.2% zone and may retest the 23.6% zone soon. However, the price is trading below the mid bollinger band.
Summary
The XRP coin signifies consolidation and the trend shows that buyers are losing their momentum, which might result in a selloff in the future. Moreover, the price action shows that the coin is on the verge of the trendline support near $0.6000.
Technical Levels
Support Levels: $0.6000 and $0.5700
Resistance Levels: $0.6500 and $0.6800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
