Following a peak at $3.41, XRP has experienced notable downward pressure, leading to a drop below the $3 mark. The value of this altcoin has decreased by 9% in the past week, with signs of recovery not appearing imminent. Bearish sentiment is on the rise, and outflows from spot markets are accelerating.

Dominance of XRP Sellers

A closer look at the XRP/USD one-day chart highlights the increasing bearish sentiment towards the altcoin. Notably, the Elder-Ray Index has presented a red histogram bar for the first time in 15 days, signaling market sell-offs. Currently, the indicator stands at -0.10.

The Elder-Ray Index of an asset evaluates the balance between buying and selling pressure within a market. A negative index suggests a prevailing bearish momentum, indicating control by sellers and potential downward pressure on the asset's price.

Additionally, continuous outflows from XRP spot markets confirm the heightened selling pressure. Recent data from Coinglass indicates outflows of $96 million in the past three days.

XRP Trends Analysis

Technical analysis using XRP's Moving Average Convergence Divergence (MACD) indicator further supports the bearish stance. The altcoin's MACD line (blue) is currently positioned below the signal line (orange), signaling a bearish trend. This imbalance signifies stronger selling activity than accumulation among market players, suggesting a possible extended decline that could see XRP's price dropping to $2.45.

Alternatively, a resurgence in demand for XRP could propel it towards revisiting its previous all-time high of $3.41.