XRP holders, here’s what’s going to happen next week

• The price of XRP has increased by only 1% in the last week.
• Key technical indicators point to further decline in the value of the altcoin.

Despite the overall market rally in the past week, Ripple’s native token XRP has failed to register any significant price rally.

During that period, the overall cryptocurrency market was bullish as the price of Bitcoin (BTC) rose above $70,000.

According to data from CoinGecko, the global cryptocurrency market capitalization has increased by 8% in the past seven days. As of press time, it stood at $2.8 trillion.

XRP is trending in the opposite direction

At the time of writing, XRP changed hands at $0.62. CoinMarketCapits has seen its value increase by just 1% over the past seven days.

AMBCrypto’s reading of its price movements on the 1-day chart indicated the possibility of further decline in the value of the altcoin.

Firstly, at the time of writing the price of XRP was below its Parabolic SAR indicator. Traders use this indicator to determine potential reversal points in the price direction of an asset. It is made up of points that are above or below the price of an asset on the chart.

When the points are below the price, they suggest an uptrend. Conversely, when they are located above the price, as is the case here, the market trend is bearish. This also shows that the price is likely to continue falling.

XRP’s MACD line was found below the signal line, confirming the current bearish trend. The MACD line crossed the signal line on March 16, marking the beginning of the bearish cycle and the value of XRP has fallen by approximately 10% since then.

This intersection is considered bearish because it suggests that the short-term momentum of the asset’s price is weakening relative to the long-term momentum. Traders often take this as a signal to exit long positions and take short positions.

Additionally, XRP’s Elder-Ray Index, which gauges the relationship between the strength of buyers and sellers in the market, has been significantly negative over the past two weeks.

How much is 1,10,100 XRP worth today?

This indicates that selling activity among market participants has outstripped the buildup.

Looking at XRP’s performance in the derivatives market, its futures open interest has declined marginally by 0.3% since March 13. This shows that a significant number of contracts were closed out as traders left the market to avoid losses.

This is an automatic translation of our English version.