XRP Market Update: Short Sellers Capitalize on Bearish Trends
XRP Market Update: Short Sellers Capitalize on Bearish Trends Below $2.30
XRP is trading at $2.19 to $2.25 over the last hour, with a 24-hour trading volume of $7.85 billion, a market cap of $127 billion, and an intraday price range of $2.21 to $2.35, reflecting notable bearish trends across all major timeframes.
XRP Market Update: Short Sellers Capitalize on Bearish Trends Below $2.30
XRP
XRP’s daily chart demonstrates a prevailing downtrend, with consistent lower highs and lower lows indicating sustained bearish momentum. Significant resistance lies between $2.4 and $2.5, while support is found near $2.2. The large red candles with high trading volumes suggest intensified selling pressure, further supporting the bearish outlook. Buyers appear hesitant, as evidenced by reduced volume during recovery attempts.
XRP Market Update: Short Sellers Capitalize on Bearish Trends Below $2.30
XRP/USDT 1H chart on Jan. 8, 2025.
On the 4-hour chart, XRP faces consistent rejection near the $2.4 to $2.45 range, further affirming it as a strong resistance zone. A recent steep decline pushed the price to the $2.2 level, where a potential short-term support has formed. Weak buying interest during minor recovery phases suggests the continuation of bearish sentiment, with only a brief bounce likely near the $2.2 support.
XRP Market Update: Short Sellers Capitalize on Bearish Trends Below $2.30
XRP/USDT 4H chart on Jan. 8, 2025.
The 1-hour chart indicates a decisive breakdown from the $2.3 range, accompanied by increasing volume, reinforcing the overall bearish sentiment. Short-term oversold conditions could trigger a minor relief rally, but the prevailing trend remains firmly bearish. Consolidation phases followed by breakdowns highlight the potential for further declines unless significant buying volume emerges.
XRP Market Update: Short Sellers Capitalize on Bearish Trends Below $2.30
XRP/USDT 1D chart on Jan. 8, 2025.
XRP’s oscillator readings paint a mixed picture, with the relative strength index (RSI), Stochastic oscillator, commodity channel index (CCI), average directional index (ADX), and awesome oscillator all indicating neutral sentiment. However, momentum shows a buy signal, while the moving average convergence divergence (MACD) suggests a sell signal, aligning with the broader bearish trend.
Moving averages provide further evidence of a bearish outlook, with the exponential moving average (EMA) and simple moving average (SMA) on the 10, 20, and 30 periods signaling sell actions. The 50, 100, and 200-period moving averages show buy signals, indicating potential long-term support. However, short-term dynamics dominate, favoring caution in positioning.
Bull Verdict:
While XRP faces significant bearish momentum in the short term, a strong rebound from the $2.2 support level, combined with buy signals from long-term moving averages, could pave the way for a recovery toward the $2.4 to $2.5 resistance range. A decisive break above these levels with strong volume would signal a potential bullish reversal.
Bear Verdict:
XRP’s consistent rejections near resistance zones, weak buying interest during recoveries, and bearish signals across short-term moving averages and the moving average convergence divergence (MACD) suggest the downward trend will persist. Unless the price convincingly reclaims $2.4, the market remains firmly under bearish control, with further declines likely below $2.2.
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