Ripple’s XRP Shows Sell Sign
The Ripple-based token is under increasing bearish pressure as it tries to hold its position above the $2.45 support level amid a weak risk appetite in the crypto market. Investors worry that XRP may decline to lower support levels because it has been trading below the 20-day EMA, indicating a bearish trend.
Market action shows that the altcoin ranged sideways this month, between the $2.3 support line and the $2.8 resistance line. A delicate balance between buyers and sellers is reflected in this stagnation, with pressure currently moving in favor of sellers as bearish indicators intensify.
The token is down by almost 10% within a week as traders evaluate their interests in the remittance token
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The token is trading below its 20-day EMA, indicating a bearish sentiment. The 20-day EMA is an important point of resistance. Although XRP has previously found support at $2.4, the token’s recent performance indicates that this level may be in jeopardy.
A possible outflow of capital from XRP is indicated by the Chaikin Money Flow (CMF) indicator, which has gone negative and is currently at -0.04. This change suggests that traders are becoming less interested in buying, which could lead to further price declines shortly.
However, over 500 million XRP tokens were bought by Ripple Whales during a recent price decline, demonstrating the high interest in the cryptocurrency.
The SEC’s future strategy for handling cryptocurrency litigation has also come under scrutiny following the reassignment of Jorge Tenreiro, who was in charge of Ripple’s case. Ripple and Chainlink collaborated in DeFi to extend the use case of RLUSD within the ecosystem by integrating it with Ethereum-based decentralized finance applications.
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