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Ripple (XRP) Diminishes in Appeal as Solana and Polkadot Rise in Popularity

Ripple (XRP) Diminishes in Appeal as Solana and Polkadot Rise in Popularity

Explore XRP's current trading scenario as it encounters a death cross on the 12-hour chart.
3 minutes
07.04.2024
Editor Satoshi`s Secrets
Ripple (XRP) Diminishes in Appeal as Solana and Polkadot Rise in Popularity

In Brief

XRP is exhibiting signs of a death cross, potentially leading to a decrease to $0.54. Both the RSI and MACD price indicators currently suggest a bearish outlook. Meanwhile, institutional investors are showing a preference for Solana (SOL) and Polkadot (DOT) over Ripple.

The Ripple (XRP) price has mostly been in a downtrend since reaching its year-to-date highs last month.

This downward trend is expected to continue, as suggested by investor activity.

Ripple Loses Institutional Interest The XRP price throughout the past year was significantly influenced by the inflows and outflows of institutional investment. This year, the dynamics have changed notably. Ripple is losing the interest of these institutions, with their focus shifting towards other altcoins, as per the CoinShares report.

Polkadot (DOT) and Solana (SOL) have experienced substantially higher inflows over the past month compared to XRP. For March, DOT’s inflows reached $13.6 million; SOL saw $24.9 million from institutions, while XRP had a mere $3.8 million.

This bearish sentiment is echoed in the price indicators Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

RSI, a momentum oscillator, gauges the velocity and change of price movements, highlighting when an asset is overbought or oversold. MACD, conversely, follows trends and momentum to pinpoint bullish and bearish trends.

Both indicators are presently in their respective bearish zones, which could persist, especially with the looming threat of a death cross on XRP.

XRP Price Prediction: Death Cross

Currently trading at $0.58, XRP is witnessing the formation of a death cross on the 12-hour chart. This bearish indicator happens when the short-term 50-day Exponential Moving Average (EMA) dips below the long-term 200-day EMA.

This pattern indicates a potential move towards a bearish trend for XRP, possibly preventing it from re-establishing $0.58 as support and leading to a decline to $0.54.

However, if the $0.58 level is converted into a support floor, XRP could then ascend past $0.60, effectively negating the bearish forecast.

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