- XRP has continued to show a weak trend.
- Buyers remained dominant despite the weak trends in the past few weeks.
The price of XRP has been on a downward trend, and there are no clear signs of recovery soon. Interest in XRP remains low, and Toncoin is quickly gaining traction, potentially challenging its position in the market.
Ripple continues weak trend
The technical analysis of XRP on the daily time frame indicated a continuing bearish trend at press time.
The short moving average (yellow line) remained below the long moving average (blue line), and the price of XRP was trending below both.
The positions indicated that the short-term and long-term moving averages were acting as resistance levels, respectively. This alignment further underscored the weak price momentum of XRP at this time.
Source: TradingView
On the 26th of June, XRP closed the day at approximately $0.469, marking a decline of 1.35%. The downtrend has persisted, with the price slightly decreasing to around $0.466, reflecting a drop of less than 1%.
Additionally, the Relative Strength Index (RSI) continued to approach the oversold territory, currently positioned around 35. This was below the neutral zone and indicative of a strong bearish trend.
Should the RSI cross below the 30 threshold, it could potentially signal an oversold condition that might trigger a corrective rally, as traders might view it as a buying opportunity, anticipating a bounce back.
On the heels of Ripple
According to data from CoinMarketCap, XRP has experienced a decline of over 6% in the past week. This positioned it just behind Bitcoin’s [BTC] decline of over 7%.
At press time, XRP’s market capitalization stands at around $26 billion, ranking it as the seventh-largest cryptocurrency by market cap.
In comparison, TON held the eighth spot in market capitalization rankings, with a value of approximately $18.6 billion. This is a notable achievement, considering TON’s recent ascent in the rankings.
To rise to this position, it surpassed established cryptocurrencies like Tron Dao [TRX], Cardano [ADA], and Dogecoin [DOGE]. This rapid rise highlighted Toncoin’s growing market presence and investor interest.
Given the current trends, if XRP continues to lose momentum while Toncoin continues to gain, we could potentially see a shift in the market cap rankings.
XRP interests remain low
The analysis of Ripple’s (XRP) open interest on Coinglass indicated that it has remained relatively low in recent weeks. As of this writing, XRP’s Open Interest was around $580 million.
This level has been stagnant since experiencing a significant drop in April, reflecting a notable reduction in cash inflows and trader engagement with XRP derivatives.
Despite the low Open Interest, the Funding Rate has remained positive, currently at about 0.0086%.
Read Ripple’s [XRP] Price Prediction 2024-25
A positive Funding Rate generally indicates that the cost of holding long positions is higher than holding short positions. This suggests that buyers are still exerting some level of control in the market.
This could be seen as a slight positive sign amidst the overall subdued trading activity, indicating that there is still some bullish sentiment among traders, albeit limited.
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