XRP (Ripple) is leading market weakness as it faces a double blow of technical breakdown and evaporating buying interest. With key support levels breaking down and trading volume plunging, clear signs of investor exit are emerging, fueling fears of further downside.
According to cryptocurrency market tracker CoinMarketCap on February 8 (local time), XRP was trading at $1.42, down 2.67% over the past 24 hours, marking a steeper decline than the broader crypto market. This is a clear case of underperformance compared with Bitcoin (BTC), which fell 1.3%, and the total cryptocurrency market capitalization, which declined 0.94%. With the market Fear and Greed Index pointing to “Extreme Fear” at a level of 8, overall investor sentiment remains severely depressed, leaving XRP fully exposed to downside pressure without any clear rebound catalyst.
The primary drivers behind this decline are a collapsed technical structure and the absence of buying demand. XRP’s price is currently trading below both the 7-day simple moving average (SMA) at $1.49 and the 30-day SMA at $1.85, confirming a pronounced bearish trend. While the Relative Strength Index (RSI) stands at 34.37, approaching oversold territory, there is virtually no buying interest to trigger a reversal. Notably, the 24-hour trading volume has plunged 54% to $4.95 billion, underscoring investor apathy and signs of capitulation, with even bargain hunting absent.
Market analysts warn that XRP has entered a phase of severe technical breakdown rather than a healthy correction. Rallies that are not supported by volume are highly likely to fail, and at present, the path of least resistance remains to the downside. A macro environment in which major assets, including Bitcoin, are weakening further complicates the prospect of XRP mounting an independent recovery.
The immediate short-term focus lies on whether the $1.36 support level can hold. If XRP manages to defend the $1.36 level, which corresponds to the 78.6% Fibonacci retracement, it could attempt to build a base while consolidating in the $1.36–$1.49 range. However, if this support gives way, selling pressure is likely to accelerate, significantly increasing the probability of a further decline toward the October swing low at $1.13.
Ultimately, for XRP to reverse its trend, reclaiming the $1.49 level is urgent. Investors should closely monitor whether the $1.36 support holds and whether a sharp increase in spot buying volume emerges as an early signal of a potential rebound.
*Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses based on this content. The information provided should be interpreted solely for informational purposes.*
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