XRP DEX Volume Plunges $58 Million: Will the Price Survive?
The price of XRP climbed to a six-year high of $2.72 on December 2, making it one of the altcoins to outperform Bitcoin (BTC) this quarter. This development also comes as XRP DEX trading volume jumped to $61 million, amid speculation that the token could lead the altcoin season.
While it attempted to maintain gains at some point, the past 24 hours have changed and XRP price currently stands at $2.21. This is why altcoins may find it difficult to reach new highs before 2024 is over.
DEX trading slides off the books amid altcoin seasonal pullback
In the past 90 days, XRP price surges With a growth of 282%, it is an outstanding performer among altcoins. However, the coin’s current momentum has waned, falling by 6.09% in the past 24 hours.
Altcoin Seasonal Index Confirms altcoin season If 75% of the top 50 non-BTC tokens outperformed Bitcoin, it highlights XRP as one of the major contributors during this period along with Hedera (HBAR) and Bitget Token (BGB). As a result, the index recently peaked at 78, indicating that the altcoin season is undeniably upon us.
However, with the recent price declines of multiple altcoins, including XRP, the Altcoin Seasonal Index has dropped to 47, reflecting a shift in market sentiment towards neutral. If this momentum continues to fade, then XRP price could fall below $2.
XRP DEX trading volume is another indicator supporting this ongoing decline. DEX volume measures the value of the cryptocurrency traded on the XRP Ledger (XRPL) over a period of time.
For those unfamiliar, XRPL It is the decentralized public chain of the project, used to facilitate XRP transactions and rapid settlement of different currencies. When DEX trading volume rises, it indicates increased demand for the token. On the other hand, the decrease in DEX trading volume suggests otherwise.
As mentioned above, XRP DEX trading volume climbed to $61.01 million on December 2. Today, its trading volume has dropped to $2.66 million, indicating that the value of the tokens traded has dropped by approximately $58 million. If it continues, XRP price may face continued downward trend pressure.
XRP Price Prediction: No All-Time Highs in Sight
within 4 hours XRP/USD Chartaltcoins are facing a death cross. A death cross occurs when the longer exponential moving average (EMA) breaks below the shorter exponential moving average, which is a bearish signal.
The opposite situation is called a golden cross, where the longer EMA crosses the shorter EMA. As shown in the chart below, the 50 EMA (yellow) has risen above the 20 EMA (blue), while the price has also fallen below these indicators.
If this trend continues, The value of XRP may drop to $1.75. However, if sentiment turns bullish and the moving averages form a golden cross, the trend may reverse. If this happens, XRP price could rise to $2.90.
Disclaimer
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