Many expected XRP’s price movement to be lower since the company settled its court case with the SEC. On-chain data points to a massive trading volume as the reason for the low performance.
The global cryptocurrency market cap has been in a steady downtrend since the start of the week. Charts show valuations struggling to remain above $2 trillion following the ongoing low volatility with major assets.
At the time of this writing, the crypto market is losing investors. The over 45% drop in 24-hour trading volume clearly indicates this. Nonetheless, traders are banking on an uptrend as derivatives see more long positions.
Fundamentals failed to move the market despite the presence of many. However, a court recently dismissed the case against Elon Musk, alleging he manipulates Dogecoin.
With the week winding, let’s see how some assets performed.
XRP/USD
XRP gained over 6% last week as it flipped $0.62 but halted its advances close to $0.64. It had one of its sharpest stretches on Saturday but retraced and ended the day close to its opening price.
News of some bank planning to adopt the cryptocurrency fueled a run that lasted two weeks. However, the fundamentals’ effects are fading and the asset is struggling as the rest of the market. Nonetheless, the altcoin had a significant dip a few days ago.
It is worth noting that it kicked off the week losing a notable chunk of its value. The asset saw its biggest price drop on Tuesday, retracing after hitting a brick wall at $0.60. It retraced to a low of $0.55 but rebounded and closed with losses of almost 4%.
The previous day saw the cryptocurrency dip further, flipping its pivot point at $0.55. Nonetheless, it is exchanging above the mark, having surged reclaimed it. The latest feat comes amidst the significant drop in its 24-hour trading volume. On-chain data shows an over 50% decline.
Indicators are significantly bearish at the time of writing. For example, the relative strength index is trending parallel, indicating the bulls’ inability to seize the initiative.
The moving average convergence divergence is printing sell signals with its ongoing negative divergence.
DOGE/USD
The price of Dogecoin has been stable over the last three days. However, it is struggling to recover from the decline it suffered on Tuesday.
The previous surge ended last week when the altcoin registered its largest surge on Friday. It kicked off trading at $0.105 but peaked at $0.115, closing with gains exceeding 7%. Friday’s price action marked the last leap at resistance as the asset failed to continue the uptrend.
The last two days of the previous week ended with DOGE losing notable fractions. The decline continued into the current week as the asset lost 4% on Monday, retesting $0.10. Tuesday saw the continuation of the bearish trend as the altcoin last the highlighted support, dipping to $0.099. Although it saw a slight recovery, it ended with losses of over 6%.
Nonetheless, Dogecoin is trading above its first pivot support amidst the ongoing trend. This means that the asset is due for a breakout and is trading around a critical level.
The moving average convergence divergence agrees with previous assertions of an impending breakout. The 12-day EMA is trending close to the 26-day EMA. It is worth noting that, as the histogram suggests, the metric maintained this pattern over the last three days.
Nonetheless, its trading volume is down by 36%. The RSI suggests that the decrease in volume does not affect traders’ behavior, as many are on the fence, not bullish or bearish, resulting in the ongoing doji.
TON/USD
Toncoin continues to grapple with massive selloffs. It is yet to recover from the dip it experienced during the previous week. It lost over 16% and is printing another red candle with a 6% loss this week.
Nonetheless, TON bulls attempted recovery on Tuesday as it started trading at $5.13. It started a hike that saw it peak at $5.66 but retraced as the crypto market experienced a sudden wave of selling congestion. It ended with gains exceeding 6%.
The launch of DOGS memecoin positively affected the coin as many airdrop farmers completed some transactions using the cryptocurrency. However, the network suffered outages for several hours due to congestion from the launch
Toncoin tried reclaiming $6 but failed due to massive rejections at $5.98. It retraced and closed with no significant change in price.
Indicators remain bearish despite the growing attempt to resume the uptrend. For example, MACD continues its downward movement. Both the 12-day EMA and the 26-day EMA are approaching their 30-day lows.
The RSI also displays a growing decrease in investors’ interest, trending almost parallel. The latest reading also shows a 20% decrease in trading volume over the last 24 hours. Nonetheless, the assets are trading close to the second pivot support. The mark is important, as a slip may see TON retrace below $5.
TRX/USD
Tron recent attempts at surging met significant resistance. This comes amidst current crypto market sentiment. The asset enjoyed notable increases from the launch of several memecoins last week. However, the effects are wearing off as it is down by over 4% in the six days. The latest valuation is in contrast to the 22% increase it had last week.
TRX started the current seven-day period with notable declines. Monday saw the altcoin drop to a low of $0.16 following a failed attempt at $0.17. Nonetheless, it extended its peak in the last three years by a few fractions.
The decline continued on Tuesday with bigger losses. It halted its attempt at recovery and retraced, breaking the $0.16 support. The cryptocurrency has since traded within a horizontal channel as trials to breakout failed.
The moving average convergence divergence is seeing significant changes in trajectory. The 12-day EMA is heading downhill, signifying an ongoing bearish convergence. The interception may take full effect if trading conditions don’t improve in the next 48 hours.
Trading volume also tanked, coinciding with the red candle present on the 1-day chart. RSI shows that the asset has not seen the needed corrections since it became overbought. Nonetheless, the small decline is seeing the metric continue its downhill movement, dipping to 62.
TRX bounced off the 23% Fibonacci retracement level. It remains to be seen how long the mark will hold.
