12 April, 2024

XRP Struggles To Retain No 4 Spot As Key Metrics Turn Bearish

24 Jul, 2023

30 Oct, 2023

  • XRP struggled to maintain its position as the world’s fourth-largest cryptocurrency by market cap.
  • XRP lost over 5% of its value over the past 24, with key metrics like CMF and MFI turning bearish.
  • Derivatives data gathered by Coinglass indicated traders’ confidence in XRP as longs outweighed shorts.

XRP, the world’s fourth-largest cryptocurrency by market capitalization, struggled to maintain its position amid tanking prices and key metrics turning bearish. XRP lost more than 5% of its price over the past 24 hours, reaching as low as $0.69.

Crypto influencer PushpendraTech took to Twitter earlier today to share his analysis of XRP:

According to the crypto influencer, XRP’s recent rally allowed it to soar past the BNB token and become the fourth-largest crypto in the world. While XRP was listed as the top trending token on crypto analytics firm LunarCrush, its market indicators indicated bearish movement in the near future.

PushpendraTech highlighted that XRP had been holding its position as the number four crypto, but the price decline earlier today may push it down that list. The influencer told his followers that XRP’s popularity may not be enough to sustain its top spot on the list, given that other popular tokens like PEPE and Shiba Inu (SHIB) were catching up to it.

The recent summary judgment motion in the Securities and Exchange Commission’s (SEC) lawsuit led to a massive surge in XRP’s price. The crypto gained more than 82% following the court ruling, reaching a sixteen-month high of $0.84. However, XRP lost 5% of its value over the past week, casting doubts about its price action.

As per the crypto influencer, XRP’s daily chart indicated a bearish sentiment. Key market indicators like the Chaikin Money Flow (CMF) and the Money Flow Index (MFI) registered a downtick. The crypto’s daily trading volume also declined by 13.8%.

However, data from Coinglass showed that traders still had confidence in XRP. The long positions outweighed shorts in key time frames like the 12 hours and 24 hours, where traders had placed longs worth $5.2 million and $5.9 million, respectively.


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