XRP's price has dropped 9% over the past week, showing no signs of recovery as bearish sentiment grows. Outflows from spot markets have added to the downward pressure, keeping the altcoin below the $3 threshold.
📉 Sellers Take Control
The Elder-Ray Index, a key indicator of market sentiment, has turned negative (-0.10), signaling growing bearish momentum. Sellers dominate the market, with XRP facing heightened selling pressure. Over the past three days, $96 million in outflows from XRP spot markets further reflect declining confidence.
🔻 Bearish Indicators Weigh on Price
Technical analysis shows a bearish outlook for XRP. The Moving Average Convergence Divergence (MACD) indicator confirms this, as the MACD line remains below the signal line. This setup suggests selling activity outweighs accumulation, increasing the likelihood of further price declines. If bearish momentum continues, XRP could fall to $2.45.
📈 Path to Recovery
Despite the challenges, a surge in demand could help XRP retest its all-time high of $3.41. Investors are closely monitoring market dynamics for signs of a potential rebound.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
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