CoinDesk Report:
Despite a decline, XRP remains within the $0.4 price range. Interest has decreased in the past 24 hours.
In recent days, Ripple (XRP) has seen a slump in price, dimming prospects for expected rebounds.
This downturn has not only impacted XRP’s recent financial outlook but also significantly reduced interest among investors and traders.
Ripple’s trajectory bends
AMBCrypto’s analysis of Ripple (XRP) reveals a concerning trend as the cryptocurrency has faced a series of declines in recent days.
According to the daily timeframe, the economic downturn began around July 3, when XRP fell by 3.79% to approximately $0.46.
The following day, July 4, saw a larger drop, with prices falling further by over 7% to around $0.43. As per the latest data, XRP’s trading price has further decreased by over 3%, maintaining around $0.43.
The analysis also emphasizes a sustained bearish trend in XRP’s Relative Strength Index (RSI), which currently stands at around 35.
An RSI below 40 typically indicates a bearish phase, signaling predominant selling pressure. This continuous bearish trend in the RSI further confirms negative momentum and may suggest ongoing downward pressure.
Declining interest in XRP
Public interest analysis by Coinglass indicates a significant decrease in market participation for XRP. Unfunded interest has dropped to below $500 million in the past 24 hours, currently around $467 million.
Unfunded interest represents the total outstanding unpaid derivative contracts. The decline in open interest suggests reduced funds for XRP derivatives.
This reflects a downturn in trading activity and diminished confidence or interest among investors holding XRP positions at this time.
Despite the decrease in open interest, an analysis of the weighted financing rate indicates that buyers still dominate. This may imply that while overall market participation has declined, those who remain active are inclined towards buying rather than selling.
Read Ripple (XRP) Price Forecast 2024-25
Despite the decrease in open interest, the dominance of buyers in the financing rate suggests that XRP still has some potential support.
This support arises from the expectation among remaining investors for a rebound or finding the current price level sufficient for maintaining or opening new positions
