XRP Struggles to Break $3 Barrier as Bearish Sentiment and Outflows Weigh Heavily
Since reaching an all-time high of $3.41, XRP has faced significant downward pressure, causing it to fall below the $3 threshold. The altcoin’s value has declined 9% over the past week and shows no signs of recovery in the near term as bearish sentiment grows and outflows from spot markets accelerate. XRP Sellers Dominate Market An assessment of the XRP/USD one-day chart reveals the growing bearish bias against the altcoin. For example, its Elder-Ray Index has posted a red histogram bar for the first time in 15 days, reflecting the market selloffs. At press time, the indicator is at -0.10. An asset’s Elder-Ray Index measures the relationship between its buying and selling pressure in a market. When the index is negative, it indicates that bearish momentum is dominant, suggesting that sellers are in control and the asset’s price is likely to face downward pressure. XRP Elder-Ray Index. Source: TradingViewMoreover, the steady outflows from XRP spot markets confirm the high selling pressure. According to Coinglass, in the past three days, outflows from XRP spot markets have totaled $96 million. Spot outflows such as this signal declining confidence or profit-taking, often leading to downward pressure on the asset’s price. XRP Spot Inflow/Outflow. Source: CoinglassXRP Price Prediction: Will It Drop Further or Rally Back to $3.41? On the technical side, readings from XRP’s Moving Average Convergence Divergence (MACD) indicator confirm this bearish outlook. The altcoin’s MACD line (blue) currently rests below its signal line (orange). When this indicator is set up this way, it indicates a bearish trend. This means that selling activity exceeds accumulation among market participants, hinting at the possibility of an extended decline. If this trend continues, XRP’s price could plummet to $2.45. XRP Price Analysis. Source: TradingViewOn the other hand, a resurgence in XRP demand could drive it to revisit its all-time high of $3.41. Disclaimer In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... READ FULL BIO