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- 1 Amidst the notable rebound from the lows, XRP faced rejection near $0.5500.
- 2 Key indicators still favor the bears, which is a primary concern for the bulls.
Despite the significant reversal from the demand zone of $0.4500 and a notable recovery of over 15% this month, XRP crypto took a pause and faced rejection near the 200 day EMA mark.
The bear cartel is still holding their grip near $0.5500 and sharply pushed bull from there, resulting in rejection in the last sessions.
Amidst the downtrend, buyers have attempted a reversal due to the lack of momentum, and bulls have failed. Conversely, the sellers have shown their dominance and are still in the game.
At press time, the XRP crypto price traded at $0.5269 with an intraday drop of 0.55%, reflecting neutrality on the charts. It has a monthly return ratio of -5.20% and 13.20% yearly.
The pair of XRP/BTC is at 0.00000760 BTC, and the market cap is $29.13 Billion. Analysts are neutral and suggest that the XRP price may continue to trade below the 200 day EMA mark and will hover below.
XRP Price Action Still Guides Downtrend
For weeks, XRP crypto persisted in delivering the lower low swing and retested the demand zone of $0.4500. Afterward, a significant rise was witnessed, but buyers did not resist the selloff and looked weak.
Meanwhile, some of the key metrics suggested a rise, while few have still guided the negative outlook.
Source: Santiment
The Momentum Indicator (RSI) curve stays above the midline region and guides a positive divergence.
Ranked at 8 on CoinMarketCap, the XRP crypto has a total supply of 99.99 billion and the intraday trading volume dropped over 21.31% to $1.14 Billion.
Price Volatility and Weighted Sentiment
Amidst the downtrend, the price volatility witnessed a drop and signifies the lower selloff possibility ahead.
Source: Santiment
Meanwhile, the weighted sentiment looks positive and stayed above the midline region, noting around 0.906.
Whale Alert Activity Guides Selloff Ahead
In a recent tweet, an unknown wallet has transferred over 21,640,000 worth XRP ($11,456,459) to Bitso. This transaction is hinting that the investors have shifted their holding to exchange, which suggests an upcoming selloff is on the horizon.
🚨 21,640,000 #XRP (11,446,459 USD) transferred from unknown wallet to #Bitsohttps://t.co/Ew9BoGnRY5
— Whale Alert (@whale_alert) May 22, 2024
Source: X
Surge In Popularity
This month, XRPcrypto has gained popularity and witnessed a significant uptick in the past sessions.
The Social dominance data revealed a rise of over 32% to 1.459% signifying the increase in the media discussion reports among the investors. Meanwhile, X followers’ data looked flat and was noted at around -3014.
Source: Santiment
Likewise, the development activity data favors the growth of the XRP crypto, it surged over 25% to 3.74, articulating the possible bullish trend ahead.
Futures OI Data Outlook
The derivative futures data highlights long unwinding activity, revealing fear among the investors.
Source: CoinGlass
The OI (open interest data) dropped over 0.40% to $625.69 Million in the last 24 hrs, revealing the long unwinding activity.
Conclusion
The XRP crypto price remained below the 200 day EMA mark and faced rejection in the last sessions. Additionally, the coin still trades in a downtrend and the sellers have persisted in revealing their dominance.
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.
