Why is XRP price down today?
XRP price continues to decline as several metrics point to a bearish outlook from the altcoin.
XRPXRP
$2.02price has declined by 4.5% over the past 24 hours, and in the last week it has underperformed most of the top-10 largest market capitalization cryptocurriencies.
With the altcoin closing three consecutive bearish candles on the weekly chart for the first time since June 2024, the probability of re-testing its psychological level at $2 has increased.
XRP funding rate turns negative
recently reported that XRP open interest dropped by more than 54% in three weeks, with more than $2 billion in positions being closed. The futures market hasn’t improved significantly since then, and at the moment, a slight increase in open interest was followed by a negative funding rate.
A negative funding rate indicated that more traders were currently interested in short positions, with open interest increasing by a marginal amount of $77 million over the past day.
Meanwhile, data from CryptoQuant indicated that the XRP reserves on the Binance exchange have remained flat over the past week after witnessing increased selling pressure between Dec. 14 and Dec. 28. This implied that spot investors are yet to take an interest in building their XRP portfolios, with markets expecting a lower price, due to another bout of profit-taking.
With spot volumes slowing down over the past holiday period, prices are at the mercy of the dominant trend, which is now moving toward bearish sentiment.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals. Godleak tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
XRP price action is “incredibly weak”
From a technical perspective, XRP is currently breaking out of its symmetrical triangle pattern on the 1-day chart, which may drag the altcoin into the downside liquidity zone between $1.80 and $1.95.
On the 4-hour chart, the altcoin closed a position below the 200-day EMA level for the second time since Nov. 6. On Dec. 20, it closed below the indicator, but an immediate recovery was attained. However, it is a little less this time around.
Dom, an independent crypto analyst, also said that XRP’s price action looked “incredibly weak,” and the altcoin is possibly looking to drop lower in the charts.
Through a time-price opportunity analysis, the trader explained that XRP’s dropped below $2.15, invalidating the value area low level, where the last key support was observed. With prices currently around the $2.07 mark, where there is a liquidity void, XRP may drop to $1.90, where a weaker liquidity zone is present, as illustrated earlier in the chart. The trader added,
“Let me be wrong, but I am prepared for another leg down along with BTC.”
