XRP’s Price Demonstrates Minimal Growth Despite Cryptocurrency Market Surge
XRP’s Price Increase Remains Stagnant
Ripple’s native token XRP has failed to register any significant price rally, despite the general market uptick in the last week. Over the past seven days, XRP’s price has risen by just 1%, which is significantly lower than the market’s overall increase.
During this time, the price of Bitcoin (BTC) surpassed the $70,000 mark, leading to an overall surge in the crypto market. CoinGecko’s data reveals an 8% increase in the global cryptocurrency market capitalization in the past week, reaching $2.8 trillion.
Technical Indicators Point Towards Further Decline
Technical analysis of XRP’s price indicates a bearish trend. The altcoin’s price currently rests below its Parabolic SAR indicator, reflecting the potential for a further decline in value. The intersection of XRP’s MACD (Moving Average Convergence Divergence) line below the signal line on March 16 further confirms the current bearish trend. This indicates a weakening short-term momentum compared to the longer-term momentum, prompting traders to consider exiting long positions and entering short ones.
XRP’s Elder-Ray Index, which estimates the relationship between buyers and sellers, has remained significantly negative in the past two weeks. This indicates that selling activity has surpassed accumulation among market participants.
Derivatives Market Performance
On the derivatives market, XRP’s Futures Open Interest has experienced a slight 0.3% decrease since March 13. This suggests that a substantial number of contracts have been closed as traders aim to minimize losses in the current market conditions.
XRP’s Price Chart Analysis
Source: XRP/USDT on TradingView
