In this market analysis, we’ll delve into the movements of three intriguing cryptocurrencies: XRP (XRP), Tron (TRX), and Pomerdoge (POMD). Market analysis is important since trends can shift daily in the cryptocurrency market. Thus, traders and enthusiasts alike must keep a keen eye on the performance of various tokens.
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XRP (XRP): Navigating the Waves
XRP (XRP) has been navigating waves in the market. Recent weeks have seen the XRP price experiencing turbulence, with a 10.8% decline over the past 14 days.
However, XRP has shown green charts again as it trades hands at $0.6306 with a market cap of $33.2B, up 0.70% overnight. This came as a result of the recent XRP listing on Gemini.
Despite this minuscule rise, the XRP coin trading volume has plummeted by 40.78% daily, sinking to $1,022,725,535. Moreover, its moving averages and technical indicators show strong sell signals. Therefore, many experts foresee a short-term price drop for XRP, prompting buyers to sidestep this token.
Tron (TRX): Showing Increased Volatility
Tron (TRX) has been facing challenges recently. In fact, over the past two weeks, the Tron price has dropped by 7.2%. Since it was rejected by the range high on July 22, the Tron coin value has been fluctuating between $0.070 and $0.088.
Furthermore, Tron recently breached a short-term ascending support line, further indicating the possibility of a negative trend. Tron has a value of $0.07725 with a market cap of $6.9B, up 0.39% in the past day alone.
But, the trading volume of Tron has taken a 10.41% dip during that time, sinking to $154,358,626. Its technical indicators also paint a bearish outlook as
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Author: Crypto Daily