XRP, one of the prominent cryptocurrencies in the market, is facing a challenging period as it continues to lose support from its investors. A recent poll conducted by cryptocurrency analyst EGRAG CRYPTO has revealed growing frustration among XRP holders, with a majority expressing dissatisfaction with the coin’s recent price performance.
XRP investor frustration grows
In a poll created in December, EGRAG CRYPTO asked his followers to share their sentiments regarding XRP’s current price levels. Of the 3,000 respondents, a substantial 56.3% expressed frustration with XRP’s recent price movements.
Meanwhile, 43.7% of voters either admitted to feeling discontent with their current XRP holdings or remained confident in their investment decisions.
These results shed light on the prevailing sentiment within the XRP community, indicating a growing disillusionment with the cryptocurrency.
It appears that many XRP holders are beginning to question the value of their investments amid a turbulent market.
Selling pressure intensifies
As frustrations mount, XRP investors have taken action in the past 24 hours by offloading some of their holdings. CoinMarketCap data shows that XRP is down 1.72%, with its price standing at $0.6196 at the time of writing. This decline in price is part of a broader negative trend, with XRP dropping by 9.91% over the past seven days.
Critical support level lost
XRP’s struggle is further exacerbated by the loss of a crucial support level. Over the last 48 hours, the cryptocurrency slipped below the $0.6235 mark, putting it at risk of dropping further to $0.5845 in the coming days. However, there remains a glimmer of hope for XRP enthusiasts, as this bearish scenario could be invalidated if XRP manages to close a daily candle above $0.6235 within the next 48 hours. In such a scenario, XRP could potentially rebound to $0.68.
Technical indicators for XRP paint a bleak picture, suggesting that bears currently have the upper hand against the bulls. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators signal that sellers are in control of the market.
The MACD line is positioned below the MACD Signal line, indicating waning buyer strength, while the RSI line has fallen below the RSI Simple Moving Average (SMA) line, further confirming the bearish sentiment. These technical flags hint at the possibility of XRP’s negative trend persisting over the next 24-48 hours.
