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- Price Analysis: Continued Downward Decline of XRP Price
XRP price is trading above $1.12, maintaining a short-term bearish trend. The spot price remains below the 50, 100, and 200-day exponential moving averages (EMAs), which are stacked above $1.26, $1.36, and $1.58 respectively.
Despite the ongoing overall market correction, the Moving Average Convergence Divergence (MACD) indicator remains in positive territory but is gradually shrinking, indicating a slowdown in bullish momentum. Furthermore, the pair is unable to regain key trend levels, as the high Relative Strength Index (RSI) is retreating from overbought territory, confirming weakening buying strength.
Daily chart of XRP/USDT pair
XRP price faces initial resistance at the middle band of the Bollinger Bands around $1.17, with additional hurdles at the 50-day exponential moving average (EMA) at $1.27 and the upper Bollinger Band at $1.30. Stronger resistance levels are observed at the 100-day EMA near $1.36 and the 200-day EMA at $1.58.
On the downside, the lower Bollinger Band near $1.05 is considered a key support. Continued decline below this level could accelerate losses toward the psychologically important $1.00 level, keeping the overall technical outlook bearish. $XRP
Derivatives and institutional digital asset products are seeing a decline in demand, reflecting the continued risk aversion in cryptocurrency markets. The Crypto Fear and Greed Index, which settled at 15 points in the extreme fear zone on Friday, reinforces this caution among investors.
Crypto Fear and Greed Index | Source: Alternative
Open trading volume in XRP futures contracts stood at $2.64 billion on Friday, recording a slight drop from $2.66 billion on the previous day. This contraction indicates the continued decline in risk appetite among market participants.
The persistent weakness in derivative demand confirms a drop in confidence in XRP’s near-term outlook. As a result, traders are increasingly closing their existing positions rather than opening new buy positions, increasing downward pressure on the asset.
Daily trading information for XRP futures contracts | Source: CoinGlass
Meanwhile, the slight inflows into spot XRP exchange-traded funds (ETFs) did not bring about any bullish reversal. SoSoValue data indicates that total inflows were $2.55 million on Friday, following weak activity the day before.
If the headwinds persist and demand is outstripped, the ongoing bearish trend could accelerate losses toward their recent lows of $1.05 and the psychological support level at $1.00.
$XRP