Source

Strong

Resistance

Drops

<ul>
 <li>XRP's price fell 4.32% in one day due to strong market resistance.&nbsp;&nbsp;</li>  
 <li>The RSI at 52.71 hints at more possible price drops for XRP.&nbsp;&nbsp;</li>  
 <li>The MACD shows a bearish sign that could lead to further price declines for XRP.</li> 
</ul>  
<a href="https://cryptonewsland.com/xrp-whales-drive-235-volume-surge/" target="_blank" rel="noopener noreferrer nofollow">XRP </a>has recently experienced a major drop in price, which had a fall of 4.32% in the last 24 hours, causing it to price at $0.5703. The token's market capitalization currently stands at $32 billion, facing a decrease of 4.31 percent, while the 24-hour trading volume has also decreased by 8.37%, reaching a price tag of $1.05 billion. The market today has seen a strong bullish trajectory, which has shown an indication of slowed investor activity.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdxr6ugODX0N6m6NBmP90EHm2Ql-dkB81XK_wAjKOvmu2taNWqSXVi03pp2kCf1DHQtfNHG29McPPZs4wtbeCjl3-bx1StJyAKIf-dCVHTbbtBYUtX-QmT-7BhR9aRsifZCfWJIbIDzSfxKnlSHJLv8Zsqq?key=h613U72ZheDMWtwwOd-h4Q" alt="">
</figure>  
Source: <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">coinmarketcap</a>  
XRP opened the day while trading at $0.5971, but it quickly faced serious pressure, which led to a consistent, steady decline. XRP''s market is currently negative, as evidenced by the chart's bearish trend.  
The chart sentiment itself could be used as a <a href="https://cryptonewsland.com/btc-daily-review-key-resistance-support/" target="_blank" rel="noopener noreferrer nofollow">technical </a>indicator that aligns with the observed bearish sentiment. The decline in the market cap along with the trading volume suggest that the XRP market is facing a strong resistance to maintaining higher price levels. The lack of strong support levels below $0.57 could lead to further declines if the selling pressure continues.  
<h2 class="wp-block-heading" id="h-market-sentiment-and-outlook">Market Sentiment and Outlook</h2>  
The XRP token is currently experiencing downward pressure as it struggles to maintain its position above the $0.57 mark. The coin is trading at $0.57085 and has a decline of 2.43% in the past 24 hours. The daily charts reveal that XRP has been unable to break through the resistance levels, resulting in continued bearish sentiment.  
The chart highlights a critical resistance at $0.61735, as this level has been reinforced by a downward trendline that has been in place since July, indicating a price barrier to any bullish attempts. The price action shows that if XRP fails to hold above $0.57, it may face a retest, and instead bearish movements might take over.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXed0cM6bup6alkRY75AM2oZ4P6SFSxhI_bv_e6dmZlhK1CYFCiJ73i6yoIp-AV3jnhj4Z2CYp8GONcwPRY-5c_CiuZ5r9F99QXc0oV9Fmpus9Jtt0fNvm-ba5tAs2wiPTYNkBnbFI7SdGZdfZz9A6qJ0dPY?key=h613U72ZheDMWtwwOd-h4Q" alt="">
</figure>  
Source :<a href="https://www.tradingview.com/chart/YP9EFueQ/?symbol=BITSTAMP%3AXRPUSD" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>&nbsp;  
The RSI indicator is currently at 52.71, hovering slightly above the moderate level of contemplation, which is 50. This signals a potential continued downtrend in the near future but could also call for a retest if the market is overbought or oversold, thus changing its track. Furthermore, the MACD indicator is showing a bearish crossover, which is marked by the histogram red bars, which are indicating a downward movement in the stock price. 
The post <a href="https://cryptonewsland.com/xrp-drops-as-bearish-market-pressure-grows-and-faces-strong-resistance/" rel="noopener noreferrer nofollow">XRP Drops as Bearish Market Pressure Grows and Faces Strong Resistance</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

XRP Drops as Bearish Market Pressure Grows and Faces Strong Resistance

Table of Contents

Crypto News Land

Other articles published on Aug 11, 2024

Kaspa (KAS) Price Uptrend Continues: Can It Break $0.2000?

Top Altcoins To Buy For 5x-10x Profits by the End of Q3 2024

Justin Sun Addresses Concerns About WBTC

Judge Approves $12.7B Repayment Plan for FTX Creditors

Thailand Launches Digital Asset Regulatory Sandbox for Crypto Service Testing

Michael Saylor's MicroStrategy Plans to Raise $2B to Buy More Bitcoin

Join our free newsletter for daily crypto updates!