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- Technical Analysis: XRP price continues to decline with support at $2.00 holding steady.
XRP is trading at $2.06 at the time of writing this report on Friday, amid pressures casting a shadow over the cross-border remittance currency. The 50-day exponential moving average (EMA) stands at $2.08, indicating immediate upward potential, keeping the overall bearish trend intact.
The Moving Average Convergence Divergence (MACD) has crossed below the daily chart's signal line, while the histogram bars have turned negative, indicating increasing bearish pressure. The downward momentum is expected to intensify if the Relative Strength Index (RSI) remains below the midpoint line at 50 on the same chart.
Daily chart of XRP/USDT
However, a close above the 50-day exponential moving average at $2.08 will ease immediate pressure and open the way toward the 100-day EMA at $2.20 and the 200-day EMA at $2.32. Failing to surpass these levels will keep the downward path easier.
The number of XRP tokens traded on exchanges increased to 2.7 billion tokens by Thursday, up from 2.67 billion tokens on Monday. Looking back, the circulating XRP balance was 2.64 billion tokens on December 29, indicating that holders are transferring these tokens with the intention of selling them when the price rises.
According to CryptoQuant, increasing exchange reserves point to greater selling pressure, which could pose an increased risk to price recovery.
XRP exchange reserve on Binance platform | Source: CryptoQuant
Meanwhile, demand for XRP derivatives remained weak, declining to $3.98 billion on Friday from $4.08 billion the previous day. Open trading volume peaked at $4.55 billion on January 8, two days after XRP's price surged to $2.42. Further declines in open trading volume could lead to falling prices.
Open interest in XRP futures contracts | Source: CoinGlass
Despite a three-day price correction, institutional sentiment remains relatively positive, as evidenced by steady inflows into spot XRP exchange-traded funds.
US-listed XRP ETFs recorded inbound cash flows of approximately $17 million on Thursday, up from about $11 million on Wednesday, according to SoSoValue data. Total inflows reached $1.27 billion, with net assets of $1.51 billion, indicating investor confidence remains stable.
XRP ETF inflows.
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