XRP Drops Down Market Cap Rankings
Analysis
Price Impact
HighXrp's drop in market cap ranking and seven-month slump indicate significant bearish sentiment and selling pressure. the failed breakout and institutional outflows further solidify this negative outlook.
Trustworthiness
HighPrice Direction
BearishThe continuous seven-month downtrend, failed breakout attempts, and ongoing selling pressure suggest that xrp is likely to continue its downward trajectory in the short to medium term.
Time Effect
ShortThe article focuses on recent events like the market cap ranking change, the march breakout, and weekly etf flows, pointing to immediate and short-term bearish pressures.
Original Article:
Article Content:
Cover image via U.Today A seven-month slump A failed breakout Institutional pressure Advertisement XRP has slipped down CoinGecko's cryptocurrency market cap rankings. The Ripple-linked cryptocurrency has lost its position to Binance Coin (BNB). According to recent market data, BNB has reclaimed the number four spot with a market capitalization of $80.5 billion. XRP has now fallen to fifth place with a market cap of $79.8 billion. HOT Stories 'Terrifying': Solana Founder Reacts to One of Biggest DeFi Hacks in History Shiba Inu (SHIB) Never Left Downtrend, Midnight (NIGHT)'s Fundamental Support Is In, What Are Three XRP Factors Needed for Bullish Reversal? Crypto Market Review Notably, XRP is the only major cryptocurrency in the red this Saturday. Other cryptocurrencies have managed to record some minor gains. Advertisement A seven-month slump XRP is currently on track to record its seventh consecutive month in the red. Since late last year, the asset has been trapped in a relentless downtrend. Every attempt at a macro recovery has been met with heavy selling pressure. The cryptocurrency is struggling to regain a footing near the $1.30 level. Advertisement A seven-month losing streak is incredibly rare for a top-tier cryptocurrency, which shows just how devastating the current sell-off is. A failed breakout In mid-March, XRP bulls attempted a breakout. The sharp rally that peaked near the $1.60 level around March 16 and 17. This surge was completely unsustainable. Immediately after hitting that local top, the asset experienced a steep and steady sell-off. Over the next three weeks, XRP charted a textbook series of lower highs and lower lows. For now, sellers are firmly in control of the short-term price action despite some positive developments within the ecosystem. Institutional pressure Weekly ETF net flows show that capital is leaving XRP investment vehicles. XRP ETFs recorded a net outflow of $3.6 million. For comparison, Bitcoin managed to attract a positive $22 million in inflows. "Smart money" is currently reducing its exposure to the asset. #XRP Price Prediction