XRP holders, here's what to expect next week

The price of XRP is up just 1% over the past week.
Key technical indicators point to a further decline in the altcoin’s value.

Ripple’s native token XRP has not registered a significant price rally despite the general market rebound over the past week.

During that period, Bitcoin’s [ BTC] price growth above the $70,000 price led to an overall rise in the crypto market.

According to CoinGeckos According to data, the global cryptocurrency market capitalization has increased by 8% over the past seven days. At the time of writing this was $2.8 trillion.

XRP trends in the opposite direction

At the time of writing, XRP has exchanged hands at $0.62. Per CoinMarketCapits value has increased by only 1% over the past seven days.

AMBCrypto’s measurements of the price movements on a 1-day chart indicated the possibility of a further decline in the altcoin’s value.

First, at the time of writing, the price of XRP was below the parabolic SAR indicator. Traders use this indicator to determine potential reversal points in an asset’s price direction. It consists of points that are above or below the price of an asset on a chart.

When the points are below the price, they indicate a bullish trend. Conversely, when they are positioned above the price, as is the case here, the market trend is bearish. This also indicates that the price decline is likely to continue.

XRP’s MACD line was noticed below the signal line, confirming the current bearish trend. The MACD line, which initiated the bear cycle, crossed the signal line on March 16 and the value of XRP has fallen almost 10% since then.

This intersection is considered bearish because it suggests that the short-term momentum of the asset’s price is weakening relative to the longer-term momentum. Traders often take this as a sign to exit long positions and enter short positions.

Furthermore, XRP’s Elder-Ray Index, which estimates the relationship between the strength of buyers and sellers in the market, has been significantly negative over the past two weeks.

How much are 1,10,100 XRPs worth today?

This indicated that sales activity has exceeded accumulation among market participants.

In terms of XRP’s performance in the derivatives market, the Futures Open Interest has fallen slightly by 0.3% since March 13. This suggests that a significant number of contracts were closed when traders left the market to avoid losses.