Despite a remarkable 518% surge since November, XRP's price action exhibits a bearish outlook in the near term. While on-chain metrics suggest accumulation and long-term bullish potential, short-term traders need to be cautious.
XRP has seen a remarkable surge of 518% since November, propelling it to the forefront of the cryptocurrency market. This exponential growth, coming from a token already considered a large-cap coin, has attracted significant attention and adoption. However, XRP and the broader crypto market have experienced heightened volatility over the past week. While XRP has maintained an uptrend on a longer timeframe since November, a bearish outlook prevails in shorter timeframes.
This trend was evident in the 6-hour price action, showcasing a bearish market structure following a decline below the previous low of $2.95. Furthermore, the On-Balance Volume (OBV) indicator displayed lower highs and lower lows in the latter half of January. This suggests that the recent retracement from $3.4 was not accompanied by accumulation but rather by distribution. Despite a 17% price rebound from $2.655 in the past 24 hours, the bearish case remains more compelling in the near term. The Relative Strength Index (RSI) stood at 52.5, just above the neutral level of 50, indicating a slight bullish bias. However, bulls have yet to regain complete control of the market in shorter timeframes. Traders must adjust their positions accordingly. On-chain metrics paint a more optimistic picture. Dormant circulation has remained minimal over the past week, despite the price dip on January 27th. This trend is further supported by the mean coin age, which continued to rise despite the recent price decline. This signifies steady XRP accumulation. XRP could gradually decline on the price chart in the coming days before the bulls prepare for another upward move.
XRP Cryptocurrency Price Analysis Bearish Outlook Accumulation
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP's Price Surge Fuels Potential 'Flip' of EthereumXRP's price has surged past $2.30, reaching a market cap of $206.9 billion. This growth has sparked discussions about XRP potentially overtaking Ethereum in market capitalization.
Read more »
XRP Surges Past 6.4 Million Wallet Addresses, Fueling $10 Target HopesXRP, the native cryptocurrency of the XRP Ledger, has witnessed a significant surge in adoption, with wallet addresses surpassing 6.4 million. This surge has coincided with a remarkable price rally, doubling its value in recent months. Analysts and traders are now closely monitoring whether XRP can reach the ambitious $10 price target.
Read more »
Solana's Surge: A Potential Threat to XRP's Dominance?Solana's impressive performance in recent months has pushed it closer to XRP in the crypto market rankings. While XRP's price action has remained relatively stagnant, Solana has seen a strong upward trend, fueled by high trading volumes and investor interest. This shift in market sentiment may indicate a broader preference for assets with high scalability and ecosystem development, potentially challenging XRP's long-held position.
Read more »
XRP Bullish Signals Surge: SuperTrend Flip, High Net Flow, and Liquidation Pool Point to Potential RallyXRP is showing strong bullish signs, with the SuperTrend indicator flipping to a positive trend, increased net flow into exchanges, and a significant liquidation pool at $2.47. These signals, combined with XRP's recent breakout from a bullish pennant resistance, suggest a potential rally for the altcoin.
Read more »
XRP Price Prediction: Bullish Run to $15 by 2025?XRP continues to garner attention with bullish price predictions reaching $15 by May 2025, driven by Fibonacci time zones and Elliott Wave analysis. However, short-term market trends demand caution. Understanding XRP's price action and indicators is crucial for navigating its future trajectory.
Read more »
XRP Price Prediction: Bearish Bias Despite Bulls Defending $2 ZoneAlthough XRP bulls have successfully defended the $2 price zone, a bearish bias is present in the daily timeframe. A drop below the $2 zone could lead to a deeper retracement towards $1.4 or even $1, potentially presenting a buying opportunity for swing traders. Despite the bearish momentum indicated by the Awesome Oscillator, strong buying interest in the $1.96-$2.2 demand zone and rising A/D indicator suggest steady buying pressure.
Read more »