XRP struggles to break out: Lack of demand hinders growth

XRP struggles to break out: Lack of demand hinders growth

The reverse trend in XRP has recently begun, with the figures indicating a gradual but consistent increase. However, it has yet to surpass the 26 EMA mark, indicating a sluggish movement.  

Lack of demand is the reason for its inability to surmount the 26 EMA threshold. If XRP is unable to surpass the target, a negative scenario will be indicated. At the 26 EMA mark, there is a resistance level.

Price fluctuations without large volumes will trigger an unstable and short-term scenario. The broader cryptocurrency space is currently experiencing unpredictability, with both Ethereum and Bitcoin experiencing a downward trend. In this scenario, it is not easy for altcoins such as XRP to experience movement. 

Recently, Bitcoin’s value is trading around $60,000. However, the future seems uncertain, and given the current state of the market, there are concerns about a potential decline.

Sellers seem to be dominating the cryptocurrency markets, with bitcoin very much included. Bitcoin needs to hold on to its present value until there is some semblance of market conditions holding up. According to market observers, it may be possible for Bitcoin to witness a certain amount of dip before regaining strength.  

On the other hand, Cardano is currently experiencing no traction at all. The investors, too, seem to have lost their attraction and interest in it. Its hardcore fans are somehow helping it keep its head out of the water for the time being.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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Published at Thu, 27 Jun 2024 17:00:55 +0200

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