Over the past few days, along with Bitcoin and other major cryptocurrencies, XRP too had declined. However, today, Ripple’s XRP is trading above its immediate resistance level of $0.60.
Yet overall there aren’t any favorable conditions for the XRP as the market capitalisation too has bottomed by 7% over the last 24hrs positioned at $29.13 billion.
At the press time the XRP is trading at $0.6226 with a slight green wave of 0.18% surge in the last 24hrs.
XRP Price Action
Its seen that the XRP is often being turned away at $0.700 level for almost a week now and this rejection has paved the way for bears to take over the market.
As the bulls backed off so did the buyers wherein with every single rejection, XRP underwent a sell-off. Even the trading volume had slid down in relation to the declining market cap.
For the XRP, the immediate resistance lies at $0.700 and next at $0.770. If bulls fail to capture the market and XRP declines further, the quick support is positioned at $0.59.
What Does The On-Chain Analysis Predict ?
Santiment, an analytic firm, put forth the data that says the XRP’s developmental activity has also been blown away downwards ever since the coin recorded the high of 69 in 2021.
At present, the XRP is at 14 indicating that the currency’s performance is negative.
On the other hand, the XRP has not been able to prove itself even in social dominance indicating a massive bearishness on the chart.
A drop in social dominance shows that the XRP has not been able to grab the attention and has started to lose its popularity, especially during the bull run.
As per the current specification, the social dominance is at 1.92% which accounts for almost 90% decline since December 2020.
Hence, to move away from the bearish price action and start towards a bull run, the XRP has to attract the buying spree. If The currency fails to do so, then XRP will not see any bullish price action in the near future.