According to statistics from CoinGecko, the contentious XRP coin linked to blockchain startup Ripple fell 8.3% to $0.42 amid a general market dip.
The market value of the cryptocurrency is currently $21.8 billion, and its 24-hour trading volume has surpassed $1.4 billion. The price change of XRP is consistent with that of other significant cryptocurrencies, like Bitcoin, Ethereum, and BNB, which have all fallen in value over the previous week.
Investors in XRP may have cause for cautious optimism despite the current fall. Popular cryptocurrency monitoring tool 100eyes Crypto Scanner tweeted a “crypto alert” pointing out a “RSI bullish divergence” on the XRP-USDT one-hour chart.
Technical analysis analysts use the phrase “bullish divergence” to describe when an asset’s price makes a lower low but its momentum indicator, the Relative Strength Index (RSI), makes a higher low. This indicates that selling pressure may be easing and that a potential trend reversal may be approaching.
This possible turnaround occurs as XRP’s price is falling along with the rest of the cryptocurrency market.
Bitcoin’s price plummeted 6.6%, Ethereum’s dropped 3.1%, and BNB’s lost 7.6% in the last day. A number of variables, including network congestion concerns that led Binance, the largest cryptocurrency trading platform in the world, to briefly suspend withdrawals, have been blamed for the market’s overall decline.
Investors should proceed cautiously and carefully examine their risk tolerance before making any choices in light of the probability that the detection of a positive divergence in XRP’s RSI might suggest a potential upsurge in the near future.
