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Home»TRADING NEWS»Solana and Polkadot Outperform Ripple’s XRP: Here’s Why
TRADING NEWS

Solana and Polkadot Outperform Ripple’s XRP: Here’s Why

By Crypto FlexsApril 6, 20242 Mins Read
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Solana and Polkadot Outperform Ripple’s XRP: Here’s Why
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The price of Ripple (XRP) has been generally on a downward trend since reaching its highest point of the year last month.

However, as investors have pointed out, this downward trend appears likely to continue.

Ripple loses institutional interest.

Over the past year, the price of XRP has been greatly influenced by the inflow and outflow of institutional investments. But this year things are very different. According to a CoinShares report, Ripple appears to be losing interest from these institutions, who appear to have moved on to other altcoins.

Companies like Polkadot (DOT) and Solana (SOL) have seen significantly higher inflows than XRP over the past month. In the month of March, DOT inflows reached $13.6 million. SOL noted that there were $24.9 million in institutional inflows, while XRP had only $3.8 million.

Inflow of cryptocurrency institutions. Source: CoinShares

This weakness is also reflected in the price indicators Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

RSI is a momentum oscillator that measures the speed and change in prices and indicates overbought and oversold conditions. MACD, on the other hand, is a trend-following momentum indicator that is used to identify bullish and bearish trends.

Both are currently in their respective bearish zones and considering the death crossover threat to XRP, they may continue to remain there.

XRP RSI and MACD.
XRP RSI and MACD. Source: TradingView

XRP Price Prediction: Death Cross

XRP price trading at $0.58 indicates a dead cross has formed on the 12-hour chart. A dead cross is bearish and occurs when the short-term 50-day exponential moving average (EMA) crosses below the long-term 200-day EMA.

This is a sign that XRP is likely to shift into a bearish trend, and XRP may not be able to reclaim $0.58 as support and fall to $0.54.

Read more: Ripple (XRP) price prediction for 2024/2025/2030

XRP price chart
XRP price chart. Source: TradingView

However, if the $0.58 level turns into support, XRP could rally back above $0.60, negating the decline.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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