thenewscrypto.com
- $XRP is currently trading at $1.13.
- It exhibits weak bearish momentum.
An analysis suggests that $XRP could outperform Bitcoin ($BTC) during a strong bull market based on the $XRP/$BTC trading pair. If Bitcoin rallies above $200,000, capital flowing into altcoins could help $XRP gain at a much faster rate.
A projected 13x outperformance versus Bitcoin implies that $XRP could potentially deliver returns of up to 20x from current levels. However, this remains a technical projection based on historical chart patterns and market conditions, not a guaranteed outcome.
Among the digital assets, Ripple’s $XRP has weakened its position within the bear market. It has posted a drop of 1.01%, currently trading at $1.13. Its trading volume has surged by over 50.57% to $1.19 billion. Moreover, the $XRP market has seen $2.80 million worth of liquidation. In the early hours, the asset traded at a high of $1.15, and its lowest was marked at $1.12.
The 4-hour price chart of $XRP shows the price is moving down to the support level of $1.02. If the bears gained enough strength, they may initiate the formation of the death cross, which likely sends the asset’s price even lower.
Conversely, assuming the bulls re-enter the $XRP market, the price could jump and hit the resistance at the $1.24 mark. Upon the bullish pressure gaining more traction, the golden cross might take place, and drive the price upward.
What Are $XRP’s Technical Indicators Signalling?
The Moving Average Convergence Divergence (MACD) line and the signal line are settled below the zero line. It indicates that the $XRP momentum is negative, and sellers maintain control. While short-term recoveries can occur, the overall trend remains weak as long as both indicators stay below zero.
In addition, the Chaikin Money Flow (CMF) indicator found at -0.08 suggests a mild selling pressure in the $XRP market. The capital outflows are outweighing inflows by a small margin, which reflects a slightly bearish bias. Also, the value is not strong enough to signal aggressive distribution.
$XRP’s daily Relative Strength Index (RSI) at 41.96 exhibits weak bearish momentum. As it is below the neutral level, the sellers currently have a slight edge. Notably, the market is showing some weakness, but not enough to suggest panic selling or deeply oversold conditions.
Besides, $XRP’s Bull Bear Power (BBP) reading of -0.0105 infers a slight bearish bias, but overall market pressure is weak. Technically, the price is trading below its average. However, neither bulls nor bears has established strong control. This level hints at consolidating the market.