Ripple (XRP) has been experiencing a decline in its popularity and market performance, while other altcoins like Solana (SOL) and Polkadot (DOT) are gaining significant traction. Institutional investors have been shifting their focus towards these alternative cryptocurrencies, causing an outflow of interest from XRP. CoinShares reports that DOT and SOL have seen higher inflows from institutions compared to XRP in recent months.
This shift in investor sentiment is reflected in the price indicators for XRP, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). Both indicators currently signal bearishness and could continue trending in that direction. Additionally, XRP is forming a death cross on its 12-hour chart, with the short-term 50-day Exponential Moving Average crossing below the long-term 200-day EMA. This suggests a potential bearish trend for XRP, with a likely drop to $0.54 unless it can reclaim $0.58 as support.
However, there is still a possibility for XRP to recover if it manages to flip the $0.58 level into a support floor. In that case, XRP could climb back above $0.60 and invalidate the bearish outlook.
Overall, Ripple (XRP) is facing challenges in maintaining its shine as Solana and Polkadot gain ground in the cryptocurrency market.