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One asset that has stood out for its recent performance is, surprisingly, XRP. The latest chart shows a decrease in XRP trading volume, which could lead to a big change in price movement. This volume reduction may act as a “reset” of the asset dynamics.
A sudden decrease in volume often indicates that an existing price trend may be exhausted. For XRP, this could mean that an influx of new liquidity could have a significant impact, regardless of its size.
Essentially, when fewer trades are made, each new purchase or sale carries more weight and can lead to more pronounced price movements. This creates an environment where there is ample potential for a reversal, especially if market conditions align favorably.
An important point to consider is that the recent support level is around $0.5. This price range is acting as a psychological barrier, and the value of XRP has rebounded slightly after approaching or touching this level. The sustainability of this level of support is critical. This represents a threshold that could either increase confidence in a possible recovery or signal further decline if it fails to hold.
But the bigger picture includes an overall market recovery. The fate of XRP's reversal does not only depend on the volume and price trend of XRP itself.
Cardano skyrockets
Cardano has slightly surpassed the $0.45 mark, but it is still not far enough. But it might be the first sign of strength we were all hoping for.
The aforementioned price points have so far acted as both support and resistance, making them important indicators of future movements. The current surge is particularly noteworthy because it signals growing bullish sentiment among investors, which could set the stage for further gains.
Looking at the chart, Cardano is trading below major moving averages, which usually suggests bearish control. However, the recent rally above $0.45 marks an important turning point. This indicates that ADA is gaining momentum and may be challenging the next resistance level.
Although trading volume is not particularly high, it is stable and provides a stable base for recent price increases. Additionally, the Relative Strength Index (RSI) shows that ADA is not in overbought territory, which is a good sign of potential upside without the risk of an immediate pullback due to overvaluation.
Ethereum's position
ETH recently not only lost an important benchmark of $3,000, but also alarming news surfaced regarding activity related to a notorious hack. According to recent reports, the hacker responsible for the 2017 Parity multisig wallet breach initiated the transfer of stolen funds, specifically 3,050 ETH, according to Etherscan. What's even more concerning is that a significant amount of Ethereum remains under the control of hackers — approximately 83,017 ETH, worth more than $247 million at current prices.
From a technical perspective, Ethereum's price chart paints a bleak picture. The asset has been consistently trading below its 50-day and 100-day moving averages, indicating a bearish trend with no signs of an immediate recovery.
The recent loss of the $3,000 support level has exacerbated negative sentiment, pointing to the possibility of further decline if the trend continues. This level has historically served as a psychological benchmark for bullish sentiment, and a break above this level could lead to an accelerated selloff.
If it were revealed that the funds from the 2017 hack had been transferred, it could have a disastrous impact on the stability of the Ethereum market. Events like this usually instill fear in investors, especially those concerned about potential market manipulation and increased selling pressure due to large amounts of ETH that could be dumped into the market.
About the author
Armand Sirignan
