The XRP price has dropped by 2.5% today, falling back to $0.5182 as the wider crypto market loses 1% in the past 24 hours.
These losses come as cryptocurrencies across the board correct a little after a very strong weekend, which saw prices rise largely as a result of ballooning Bitcoin ETF volumes.
XRP is now up by 3% in a week but down by 9.5% in the last 30 days, although the altcoin still sits on 35% in the last 12 months.
And its movements over the weekend have enabled XRP to overtake USDC in terms of market cap, with this flippening likely to give the altcoin more momentum as we enter spring.
Even with the weekend’s rally, it still seems like XRP is struggling to build up any real momentum, with its indicators still in weakened positions.
Its 30-day average (yellow) fell below its 200-day (blue) in a ‘death cross’ back in late January, and the shorter term average continues to sink lower today.
Likewise, its relative strength index (purple) failed to reach 50 over the weekend, and has now begun falling towards 40, in a sign of renewed selling.
What’s particularly discouraging for XRP is that its support level (green) has dropped consistently since late November, suggesting that further losses could be in the offing before stability returns.
And for coin in the top-ten in the market in terms of cap, its current 24-hour trading volume is worryingly low, at $800 million.Read more on cryptonews.com