XRP continues to show a weak trend. Despite the recent weak trend over the past few weeks, buyers still dominate the market.
The price of XRP has been on a downward trend with no clear signs of recovery. Interest in XRP remains low, while the altcoin is rapidly gaining traction, which could challenge its position in the market.
Ripple continues its weak trend
Technical analysis of XRP on a daily time frame shows that the market remains in a continuous bearish trend at the time of writing.
The short moving average (yellow line) remains below the long moving average (blue line), indicating a downward trend in XRP’s price.
These positions indicate that the short-term and long-term moving averages are acting as resistance levels. This adjustment further highlights the current weak price trend of XRP.
On June 26th, the closing price of XRP was about $0.469, a decrease of 1.35%. The downward trend continues, with the price slightly dropping to around $0.466, a decrease of less than 1%.
In addition, the Relative Strength Index (RSI) continues to approach the oversold zone, currently around 35. This is below the neutral zone, indicating a strong bearish trend.
If the RSI breaks through the 30 threshold, this could signal an oversold condition, potentially triggering a corrective rebound as traders may see it as a buying opportunity, expected to rebound.
Closely following Ripple
According to CoinMarketCap’s data, XRP has dropped by over 6% in the past week. This puts it just behind Bitcoin (BTC), which has dropped by over 7%.
At the time of writing, XRP’s market value is approximately $26 billion, making it the seventh largest cryptocurrency by market capitalization.
In comparison, TON’s market value is ranked eighth, at around $18.6 billion. Considering TON’s recent rise in ranking, this is a significant achievement.
To achieve this position, it has surpassed mature cryptocurrencies such as Tron Dao[TRX], Cardano[ADA], and Dogecoin[DOGE]. This rapid growth highlights the increasing market share and investor interest in the altcoin.
Considering the current trend, if XRP continues to lose momentum while Toncoin continues to rise, we may see a change in market value rankings.
Low interest in XRP
An analysis of public interest in Ripple (XRP) by Coinglass indicates that it has remained at relatively low levels in recent weeks. At the time of writing, XRP’s public equity is approximately $580 million.
This level has remained stagnant since a sharp decline in April, reflecting a significant decrease in cash inflows and trader participation in XRP derivatives.
Despite the low public interest rates, the financing rate remains positive, currently around 0.0086%.
Positive funding rates typically indicate that the cost of holding long positions is higher than holding short positions. This suggests that buyers still exert a certain degree of control over the market.
In the overall low trading activity, this may be seen as a slight positive sign, indicating that there is still some bullish sentiment among traders, albeit limited.
