XRP continued to tumble over 12% over the past seven days and by more than 48% in a span of 12 months. As news of the latest Covid variant spread, the broader crypto market capitalization witnessed a staggering $265 billion being wiped away, spurring liquidations in the major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH]. As a result, XRP price too saw trading at a steep discount.
XRP Daily Chart Technicals
At the time of writing, XRP was changing hands at $0.94, falling by 0.65% in the last 24 hours. Its market cap was found to be at $45.10 billion while its 24-hour trading volume stood at $3.25 billion. Let us look into its price technicals. As indicated from the above 1-day price chart, the 50 DMA [Pink] and the 100 DMA [Green] bare above the price candles which was bearish in nature. Following the latest decline, the price went below the 200 DMA [Yellow] validating the bearish thesis.
XRP 4-day Chart
In the 4-hour chart, the closing bar of Awesome Oscillator [AO] switched to green depicted a weak but much-needed bullish momentum, despite treading below the equilibrium level. The Chaikin Money Flow [CMF] hovering below the zero line is projecting weak capital inflows in the coin market. With respect to the trading activity, the Relative Strength Index [RSI] indicator cruising below the 50-median level indicates that sellers are currently dominating the market but might change in the near term.
A few days ago Ripple had upgraded its XRP Ledger with the Negative UNL amendment adding a layer of resilience to the network when multiple validators are in offline mode. The blockchain expert, Chief Technology Officer [CTO] David Schwartz took to Twitter to laud the latest development:
“This is awesome news. This change reduces the ledger’s vulnerability to halting without any sacrifice in decentralization.”