XRP Price Drops by Nearly 4% in 24 Hours, Facing Market Turbulence

In the past 24 hours, the price of XRP has seen a decline of almost 4%, bringing its market cap to $144 billion. This downward trend continues with a 21% decrease over the last 30 days, raising concerns among investors and traders. Technical indicators are flashing warning signals, indicating a potential rough road ahead for XRP.

The Chaikin Money Flow (CMF) for XRP has hit a concerning low, dropping to -0.27, down from 0.30 just three days ago. This negative CMF suggests an increase in selling pressure, with more capital flowing out of XRP than coming in. Such a trend could lead to further downside potential if not reversed soon.

Moreover, XRP's EMA lines are forming a death cross, hinting at a possible bearish trend on the horizon. Traders are closely monitoring the situation, hoping for a stabilization in price or risking a deeper correction if current trends persist.

XRP's active addresses have also taken a hit, plummeting by 53% in the last month. This decline, now at 190,470 active addresses, reflects reduced participation and engagement within the XRP network. Such dwindling activity often correlates with weaker price performance, indicating a challenging road ahead for XRP.

In the face of these obstacles, the possibility of a 29% further correction looms over XRP. With short-term moving averages crossing below long-term ones, a death cross scenario could strengthen downside momentum, potentially pushing XRP price down to $1.77. However, a breakout above key resistance levels could turn the tide, leading to a potential rally towards $3.28.

The fate of XRP remains uncertain as traders grapple with opposing forces in the market. Will XRP recover and regain bullish momentum, or will it succumb to further downward pressure? Stay tuned as the XRP landscape continues to evolve.