In the past few days, the total cryptocurrency market has witnessed a noticeable decrease in prices, which led to the transformation of market morale. In the midst of this, XRP, the original symbol of the Ripple Labs, failed to get the decisive support level at the 2.50 dollar sign and is now ready for a significant decline.
XRP Technical Analysis and the next level
According to expert technical analysis, XRP looks down as it has collapsed from an upward triangle style on the time frame for four hours. This landfill was more confirmed by violating and closing a candle lower than the decisive support level of $ 2.50.
Based on the latter price momentum and historical patterns, if the original remains less than this main support, it may decrease by 13 % to reach a mark of $ 2.10 in the coming days.
In addition to the declining price, XRP is trading less than the Si -moving average (EMA) on the daily time frame, indicating that the original is in a decline.
Current price momentum
XRP is currently trading near the level of $ 2.46 and more than 3.80 % has decreased over the past 24 hours. However, during the same period, the trading volume increased by 100 %, indicating an increase in participation from merchants and investors compared to previous days.
100 % jump in trading volume is not necessarily an upward mark. It usually occurs when the original explodes or collapses from a pattern, as traders actively participate to capture a big step. In this case, it was possible to be driven by the collapse of the ascending triangle.
$ 15 million of XRP external flow
Despite this declining view, it seems that investors and their long -term holders accumulate the distinctive symbol, following the “DIP purchase” strategy, as stated by the Analysis Company on the series Coinglass. The immediate flow/external flow data reveals that exchanges have witnessed a large flow of $ 15 million of xrp symbols during the past 24 hours.
This external flow indicates a possible accumulation, which can create purchase pressure and may slow down the low prices.
