XRP Grapples with Extended Bearish Pressure, Key Technical Indicators Signal Downward Trend

XRP, one of the leading cryptocurrencies, is currently grappling with extended bearish pressure amid prevailing market weakness.

Leading cryptocurrency XRP is currently facing extended bearish pressure as the market continues to experience weakness. The digital asset has been grappling with significant downward momentum, influenced by a confluence of factors.

The digital asset has not been able to maintain key support levels, heightening concerns among traders and investors about its near-term performance. As bearish momentum continues to dominate, this analysis aims to evaluate XRP’s current market position with the aid of key technical indicators, focusing on the 4-hour and the 1-day chart.

Impact Of Bearish Pressure On XRP Price

The price of XRP has increased by 0.63%, trading at about $0.4920 in the last 24 hours, with a market capitalization of more than $27 billion and a trading volume of more than $1 billion as of the time of writing.

There has been a 1.06% decrease in market capitalization in the last day despite the trading volume being up by 5.89%.

XRP Current Market Performance And Trend

Presently, the price of XRP is actively bearish trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe, and the price here is beginning to decline after a failed upward attempt.

With the current price formation, it can be suggested that XRP’s bearish trend may likely extend.

Also, the Composite Trend Oscillator confirms that XRP’s decline may be extended as both the signal line and the SMA of the indicator are descending from the overbought section toward the zero line.

In the 1-day chart, XRP is trading below the 100-day SMA attempting to move upward. It should be noted that this is just a short-term move as the crypto asset’s price at some point will begin to drop again thereby extending the bearish trend.

Additionally, the formation of the 1-day Composite Trend Oscillator indicates that XRP’s bearish trend may likely extend as both the signal line and the SMA of the indicator are trending below the zero line closed to the oversold zone.

News source：https://www.kdj.com/cryptocurrencies-news/articles/xrp-grapples-extended-bearish-pressure-key-technical-indicators-signal-downward-trend.html

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