The cryptocurrency market currently stood at a valuation of $1.3 trillion. XRP has continued to remain on the sidelines despite the renewed bullish impetus in the market as altcoins faced stiff resistance from the sellers at every uptick level. As a result, the seventh-largest crypto-assets weekly losses extended to 11.53% as it traded close to the 2021 lows. It will be a struggle to establish the feat in the context of an overall market rout as sellers remained wary.
Over the past 24-hours, XRP was up by 1.44% which drove its price to $0.643. At the time of writing, the crypto-asset registered a market cap of $29.52 billion and a 24-hour trading volume of $2.29 billion.
XRP Daily Price Chart:
As XRP continued to hover near a two-month low price level, the major moving averages shifted their bases above the candlesticks resisting any upward breach attempt. The bearish crossover by the 50 DMA [Pink] and the 100 DMA [Blue] depicted that the bears have the upper hand. The latest slide, however, prompted the already upsloping 200 DMA [Yellow] to surpass the XRP price candles.
The digital asset can expect a rally if the moderate volume increases and aids in the price reclaiming its fort above the DMAs.
The green closing bars of Awesome Oscillator [AO] exhibited a weak but a shift towards bullish momentum. As depicted by the Chaikin Money Flow [CMF], the capital inflow into the coin market, however, remained low as the broader market continued to suffer more selling. Since the drawdown of mid-May, the Relative Strength Index [RSI] has failed to recover above the 50-median line and was hovering close to the oversold market conditions.
To reclaim its past glory, the crypto-asset needs to steer clear of the DMAs which stood as string resistance levels at $0.72, and $1.05. Other target points were found to be at $1.59 and $1.84. However, the XRP market is still in bearish favor. Looking ahead, the sellers could attempt to push the price of the coin to its immediate support level of $0.54. Added support lies at $0.422 and $0.248 respectively.