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XRP Price Near Demand Zone: Will Pullback Trigger Amidst Selloff?

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The XRP price dragged toward the demand zone of $0.4800, and a bearish crossover was noted. Following the bearish market sentiments, the XRP price trades in a downtrend, and sellers have showcased their dominance.

The chart displays a double-top pattern, and sharp corrections have been made in the past weeks. The XRP crypto has dragged over 22% of gains in the last two sessions and slipped to the bearish region, highlighting the underperformance.

At press time, the XRP crypto (XRP) price traded at $0.4948 with an intraday drop of 0.10%, reflecting underperformance on the charts. It has a monthly return ratio of -21.20% and 6.89% yearly. 

The pair of XRP/BTC is at 0.00000851 BTC, and the market cap is $27.35 billion. Analysts are bearish and suggest that the XRP crypto may continue to hover in the bearish region and will underperform in the following sessions.

XRP Price Action Signifies Selloff: Will Bulls Regain Momentum?

Per the Santiment data, the XRP coin trades near the demand zone around $0.4800, and buyers anticipate a rebound in the coming sessions. 

However, the trend is bearish, and the coin is trading below the key moving averages, which signifies a sharp rejection from the supply zone of $0.7500. The buyers did not manage to attain any significant pullback and looked trapped.

XRP Coin Witnessed Low Investor Activity: Can Sentiment Improve Ahead?

Following the price decline, the XRP coin witnessed a drop in the price volatility data over the past few trading sessions. The intraday volatility data showed a surge of over 2.89% to 0.012.

However, the weighted sentiment data looks positive, and the value stood above the midline at around 0.679. This data showcased that investors are still positive on the coin and have begun accumulating.

Development Activity and Open Interest Data Insights

The development activity data witnessed a negative outlook, and the value dragged below the midline, noting around 7.48. The data indicates low investor activity, and underperformance was noted.

The derivative data signifies long unwinding data, and the open interest dropped over 2.33% to $415.35 million, signifying negative sentiment among the investors.

Per the Fib levels, the XRP price trades below the 23.6% support zone and is close to the lower Bollinger Band support zone, directing a negative outlook. However, the RSI curve stayed in the oversold region, and a negative divergence was noted on the charts. 

The total supply of the XRP crypto is 99.99 billion, whereas the volume-to-market cap ratio is 0.0640, ranked 8 in the global crypto market cap.

Summary

The XRP coin price retested the demand zone and has slipped below the significant moving averages, directing underperformance. Moreover, the trend is bearish, and a follow-on selloff was spotted on the charts.

Technical Levels

Support Levels: $0.4800 and $0.4730

Resistance Levels: $0.5000 and $0.5200

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. 

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