XRP Has Recovered But Trader Sentiment Remains Low

XRP has experienced a minor recovery, reclaiming the $0.5 USD price level; however, trader sentiment remains low.

Azcnews Xrp

After a series of significant declines, Ripple (XRP) seems to have shown signs of recovery in the past week. Despite positive fluctuations, the road to recovery is still quite arduous because the current price level poses many obstacles.

On XRP’s daily chart, we see that on April 20, it ended the trading session with significant gains, surpassing 5%. This brought the closing price to around $0.52. While this price increase might not be too impressive under normal circumstances, it comes after a volatile week in which XRP plummeted 22% within 48 hours. The price drop pushed XRP from around $0.60 to around $0.48.

Ripple price trend

Source: TradingView

Currently, XRP is trading at around $0.53, up another 1%. The chart shows immediate resistance defined by the Long Moving Average (blue line), at around $0.58. If XRP breaks above this level, it will be a breakthrough signaling a potential recovery. However, facing long-term resistance around the $0.65 and $0.70 price range suggests that a fresh rally is only possible once XRP breaks above these levels.

Despite the recent price increase, the XRP price trend remains bearish. The RSI shows that XRP remains below the neutral line at press time, suggesting that there is ongoing bearish pressure.

Traders’ sentiment is still at a low level.

Two weeks ago, not only did Ripple’s price drop; The amount of money flowing into the cryptocurrency market also decreased. Data from the Open Interest chart on Coinglass shows a sharp drop in coins coinciding with a drop in the price of XRP. The amount of money dropped from more than $1 billion to about $500 million during that period. According to the latest data, Open Interest is currently at around 522 million USD.

Xrp Oi
Xrp Oi

The decline in inflows suggests a decline in investor sentiment towards XRP, reflecting a lack of confidence among traders. More positive sentiment could pave the way for more upside for XRP.

Related: Bitcoin Hits $67,000 as BlackRock Grows for 70 Consecutive Days

XRP has a profit of nearly 78 billion

In addition to the rising price, several other metrics are also increasing, namely the profit from Ripple’s supply. Data shows that with the recent price increase, the profit from supply has surpassed 77%, equivalent to nearly 78 billion XRP in profit. This trend is expected because high prices often result in large portions of profitable supply.

Love

0.0/5

Love
  1. Avatar of
    Anonymous

    V

Comments are closed.

Latest

Binance May Delist 3 Tokens

News | Altcoin | Editor Choice

Binance May Delist 3 Tokens

Binance has added BAKE, IDEX, and SLF to its Monitoring Tag list, signaling a potential delisting if these tokens fail to meet the exchange’s strict listing criteria.

Why Are Memecoin Prices Skyrocketing Again

News | Editor Choice | Memecoin

Why Are Memecoin Prices Skyrocketing Again?

Memecoins like Dogecoin, Shiba Inu, and Floki have suddenly surged in value following Elon Musk’s announcement of a new political party, reigniting excitement across the crypto community.

Uk Traders To Face £300 Fine For Trading From 2026

Policy & Regulations | Editor Choice

UK Traders to Face £300 Fine for Trading from 2026

According to a statement from the UK Government, traders in the country will face a £300 fine if they fail to provide complete personal information.

Stake Toncoin (ton) Receives Uae Golden Visa

Altcoin | Editor Choice

Stake Toncoin (TON) Receives UAE Golden Visa

The Ton Foundation has announced a unique program allowing investors to receive a UAE Golden Visa by staking TON tokens.

Trump Attacks Elon Musk For Wanting To Form A America Party

Altcoin | Editor Choice

Trump Attacks Elon Musk for Wanting to Form a America Party

President Trump has rebutted billionaire Elon Musk's proposal to form an American political party, calling it a ridiculous idea that would only cause chaos.