XRP continues to face difficulties amid a volatile cryptocurrency market. Despite slight price fluctuations, analysts are discussing potential recovery options.
Current Price and Market Capitalization of XRP
Currently, XRP is trading at $2.09 after a decline of over 4.22% in the last 24 hours. Earlier in the day, the price reached $2.20 but later fell to the current level due to bearish sentiment. XRP's market capitalization stands at $123.71 billion, with a daily trading volume increasing by over 19.51% to $3.16 billion. Additionally, the market recorded $7.90 million worth of XRP liquidations, according to Coinglass data.
Technical Analysis of XRP
Technical analysis of XRP reveals that the MACD line has slipped to the zero line, indicating fading bullish momentum. However, the signal line remains above zero, suggesting a lingering upward trend. If the MACD line crosses below both the signal and zero lines, it could confirm a bearish shift. The Chaikin Money Flow (CMF) value of -0.04 hints at mild selling pressure in the market.
Outlook and Possible Scenarios for XRP
If the XRP bulls take charge, the price could rise to key resistance at $2.13. With sustained bullish sentiment, a golden cross may unfold, leading to a retest around the resistance mark of $2.20. However, if bulls fail to hold their ground, XRP could slip to the support level at $2.03, with potential further downside corrections below the $1.95 zone.
The dynamics of XRP remain under pressure. While there are opportunities for recovery, the current bearish sentiment necessitates caution in predictions.
