XRP trading volume sinks by $436 billion to a quarterly low as it fails to break above $0.8

NEW DELHI (CoinChapter.com) — Blockchain-based digital payment network Ripple’s native cryptocurrency XRP trading volume has fallen by $436 billion in the first quarter of 2022.

Declining investor interest in the Ripple token seems to have harmed XRP trading volumes. The decline marks a nearly 68% decline year on year. In 2021, XRP’s trading volume in the first quarter was around $640.7 billion, which dropped to $203.94 billion in 2022 Q1.

In Jan 2022, XRP recorded a trading volume of around $53.1 billion, compared to Jan 2021’s $212.5 billion. Similarly, declining investor interest also pushed down XRP trading volume in Feb from 2021’s $293.94 billion to 2022’s $80.9 billion.

March saw XRP trading volume fall to $69.9 billion, down nearly 48% from 2021’s $134.1 billion.

Meanwhile, the Ripple token is struggling to move above immediate resistance from its 50-day moving average (yellow wave) near $0.79.

If XRP manages to flip immediate resistance, the Ripple token will move to a challenge near $0.83, a price level that previously acted as resistance for XRP between Feb 11 to Mar 22. Finally, Ripple’s 200-day MA (green wave) acts as resistance for its token near $0.87.

Also Read: ‘Big Win’ for Ripple as court orders SEC to reveal internal documents comparing XRP with utility token Ether.

The $0.87 price level has rebuffed the Ripple token’s uptrend several times since Dec 4, 2021.

Furthermore, momentum oscillator MACD continues to be bullish for the Ripple token after charting a bullish crossover on Apr 19. A bullish crossover forms when the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).

In addition, bars on the MACD histogram seem to be expanding, indicating a strengthening bullish momentum for XRP.

XRP Price Recovers From Death Cross

XRP prices are currently moving laterally after gaining 8.22% on Apr 15. Ripple’s 20-day MA (red wave) moved below its 50-day MA (yellow wave) to form a bearish technical pattern called death cross.

In detail, a death cross forms when a token’s short-term moving average trendline moves below a relative long-term moving average. Traders believe the technical pattern signals negative sentiment and weakness.

However, XRP shook off the death cross as it tested support from its 100-day MA (purple wave) near $0.75. The $0.75 price level has acted as support for the Ripple token between Mar 13 and Apr 10. If XRP falls below immediate support, bulls would likely try to arrest XRP’s downtrend near $0.72.

Finally, the Ripple token has support near $0.69, a price level that XRP has tested as support several times since Feb 8 this year.

Also Read: Ripple CEO pleased with SEC legal battle progress, XRP jumps 17%.

Meanwhile, the relative strength index for the Ripple token remains neutral, with a value of 48.74 on the daily charts. The RSI trendline seems to be moving laterally.

At the time of writing, XRP was trading at $0.77, down 0.67% on the day.