XRP price at weekly low: traders bet on decline

The XRP token has dropped to a seven-day low, trading at $2.09. Key market indicators suggest that the downtrend may continue, as traders predominantly hold short positions, anticipating further price declines.

Market Pressure: Traders Bet On XRP's Decline

In the XRP futures market, there is a noticeable bearish sentiment. The long-to-short ratio currently stands at 0.98, indicating a majority of bets on price drops. The last time this ratio exceeded 1 was back on April 22. Since then, bears have dominated the market, reflecting pessimistic expectations for XRP's short-term prospects.

Death Cross On The Chart: A Signal For Further Decline

An additional negative signal for XRP appeared with a Death Cross on the MACD indicator on the daily chart. On Monday, the MACD line crossed below its signal line, which is typically viewed as a sign of prolonged price decline. This pattern is often interpreted by traders as a warning of further weakening in the asset's value.

Will XRP Lose Support At $2.09?

At the time of writing, XRP is trading at $2.10, slightly above the key support level of $2.03. If selling pressure intensifies, this level may not hold, potentially leading to a drop to $1.61. Conversely, if the token attracts new demand, it could shift the trend upward, pushing the price to $2.29.

The situation remains tense, and market participants are closely monitoring the price action in the coming days. Observing trading volumes and trader behavior could be key indicators of XRP's future movement.