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- 1 XRP price is trading below the key exponential moving averages showcasing the potential rebound from the lower level.
- 2 The cryptocurrency is facing difficulty in reaching the upper levels as the volumes are on decline mode.
XRP price prediction is bearish till it trades below key exponential moving averages. However, it suggests that the price looks oversold and a short-term relief rally may trigger time from the lower levels.
The XRP price action suggests that XRP cryptocurrency has the potential to rebound from its current position and reach the upper threshold. To initiate this recovery and break out of the current consolidation phase on the daily chart, XRP crypto needs to attract more buyers.
Moreover, the price volatility for the crypto has been declining steadily for the last few days indicating lower engagement of traders in the crypto.
Decoding XRP Crypto Social Dominance & Social Volume
Social dominance and social volume are indicators of the increasing or decreasing popularity and awareness of XRP among users on various social media platforms like X, Instagram, and Telegram.
As per the graph of social dominance and social volume, a stagnant in the number of social users has been witnessed, which may neutrally impact the XRP price. However, the social volume and social dominance are also stagnant due to XRP VS SEC’s prolonged lawsuit.
Price & Volume Is Declining; What Next
Based on XRP’s price and volume santiment graph, since the beginning of March, the trading volume has decreased from $7.5 billion to $1.74 Billion till the first week of May.
However, for the first week of May, the trading volume increased from $519 million to $1.74 Billion, which led to an increase in the price. Suppose the trading volume keeps increasing, it may up the price.
XRP Price Action Hinting A Rebound From Bottom
Currently, XRP cryptocurrency is awaiting an XRP upward momentum to move towards the distribution phase on the daily chart.
XRP price is trading below the 50-day and 200-day EMA showcasing a downtrend. However, the current price has gone far away from the EMAs so a temporary pullback rally is possible.
XRP price is in a downtrend and trading below both the EMAs indicates sellers’ dominance. Presently, the price seems to be stuck in the narrow range between $0.56694 to $0.47493. It shows signs of base formation but the confirmation is still awaited.
The immediate short-term support level for XRP at the time of writing was $0.47493. While the $0.56694 level is the next resistance level. If XRP can make past the upper resistance level a price rise can be expected, likewise a drop below the mentioned support level can lead to a price pullback to the lower support levels.
Summary
XRP price and volume are declining from the prolonged time showcasing bearishness. Moreover, the price action, sentiment metrics and other data also pointing towards crypto bearishness.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
