XRP Price Stumbles Near $0.47, What’s Next With Selling Pressure Building?
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XRP price has dropped significantly in the last 24 hours. The price of the altcoin is still hovering near the $0.47 price limit.
Bears seem to be returning to the XRP charts. In the last 24 hours, XRP price decreased by 4.12%.
On the other hand, the coin has risen more than 30% in the last week. Also, the technical indicators of the altcoin started to paint a decline in the one-day chart.
The bulls have lost steam over the past week due to increased selling power in the market.
The indicators have not yet moved into the oversold zone, but the major technical outlook suggested buyers exiting the market.
This could be called a price drop for XRP after the positive investor interest last week that caused the rally.
Today, the global cryptocurrency market cap is $971 billion, and a 0.8% negative change in the last 24 hours.
XRP Price Action: One Day Chart
The altcoin had achieved a rally last week when it reached the $0.54 mark. The XRP price is trading on an uptrend line from which it broke away due to weakening purchasing power.
The coin’s resistance was at $0.48, above which XRP may oscillate near the $0.51 price level. The support area of the coin was $0.42.
A break from the aforementioned support line will pull XRP to $0.38. The volume of XRP in the last session was in the red, indicating that the buying power decreased slightly on the chart.
As buying power increased significantly with the rise of XRP, the coin was overbought last week. Usually, when a coin is overvalued, a price reversal is expected. On the one-day chart, XRP fell out of its overvalued territory.
The relative strength index was falling close to 60, which meant that the selling pressure on the coin was increasing.
The XRP price was still above the 20-SMA line, indicating that there was still demand in the market and that buyers were also driving the price momentum.
If buyers hold on to price momentum, XRP may try to break above its immediate resistance mark.
Buyers have not completely disappeared from the market as the XRP price showed a buy signal on the 24-hour chart.
Moving Average Convergence Divergence tells us the price momentum and general direction of an altcoin. The MACD was still showing green signal bars tied to a buy signal for XRP.
Despite the presence of green signal bars, they were decreasing in size, indicating that the upward momentum was fading at the time of writing.
Chaik’s Money Flow shows the amount of capital inflows and outflows at a given moment. CMF was also positive as the indicator was above the half line, indicating more capital inflows than outflows.