In the last 24 hours, the price of Ripple’s native cryptocurrency XRP has experienced a decline of 4.82 percent, with its price falling to $0.475. This drop marks the first time XRP has dipped below the $0.50 threshold since July 13. Furthermore, the XRP price is showing imminent signs of forming a death cross pattern, hinting at a prolonged downtrend.
Despite the price decline, XRP has seen a massive surge in trading volumes over the last 24 hours, suggesting a significant increase in trader interest in the asset class. In this period, XRP trading activity reached a total of $1.08 billion in trading volume, with 2,278,436,435 XRP tokens being exchanged between buyers and sellers. Notably, XRP emerged as the most actively traded asset on Bithumb, one of South Korea’s prominent cryptocurrency exchanges.
In terms of trading volume, the XRP/USDT trading pair on Binance led the way with approximately $203 million changing hands. The XRP/KRW pair on Bithumb followed closely with nearly $50 million in trading volume. Additionally, the XRP/USD pair on Coinbase also saw increased activity, securing the third position in terms of trading volumes as XRP gained popularity on the platform.
The recent surge in trading volume has sparked speculation among traders, hoping for a potential price explosion to $1. However, the current price decline and the formation of a death cross pattern suggest a bearish sentiment for XRP in the short term.
Looking at the technical chart, the XRP price analysis indicates a significant bearish influence. A breach of the $0.46 support level may extend the ongoing downtrend towards the $0.45 threshold. Even at $0.45, the bearish momentum might persist, potentially prolonging the bearish trend. In such a scenario, potential support levels at $0.42 or $0.40 could be possible. However, given these discounted levels, there remains a possibility for the XRP price to initiate a reversal from the support levels situated below $0.45.
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In other news, the U.S. Securities and Exchange Commission (SEC) recently submitted a reply memorandum supporting its motion to certify an interlocutory appeal. The SEC has requested that Judge Torres temporarily halt the proceedings to preserve judicial resources.
In conclusion, despite the recent price decline, XRP has experienced a surge in trading volumes, indicating increased interest from traders. However, the formation of a death cross pattern and the breach of the $0.50 threshold suggest a bearish sentiment for XRP in the short term. Traders should exercise caution and conduct thorough research before making any investment decisions.