XRP Slips Below $1.50 as Bitcoin and Ethereum Decline

Ripple's native token, XRP, is facing a correction after sliding below $1.50 on Thursday. The drop follows the decline in major assets like Bitcoin and Ethereum, which are currently trading at $83,000 and $2,600-$2,700, respectively. Analysts note that a sustained recovery above $1.50 would boost XRP's short-term bullish outlook, but the token's price is still capped by its 50-day and 200-day Exponential Moving Averages.

The derivatives market, however, is painting a slightly positive picture, with perpetual futures Open Interest (OI) climbing to 2.39 billion XRP on Thursday. This suggests that investors remain bullish on XRP, despite the recent decline. The Fear & Greed Index, which measures market sentiment, is currently in the Greed territory, indicating elevated risk-on sentiment.

XRP's price action is also being influenced by the broader crypto market, which is experiencing growing selling pressure. The token's Relative Strength Index (RSI) is around 56, indicating moderate bullish momentum, but the Moving Average Convergence Divergence (MACD) has slipped below the zero line, suggesting that upside may be losing traction.