XRP price update and analysis for May 6th shows XRP price action today March 5th, facing headwinds.

XRP price action today March 5th, faces headwinds as more traders are betting on the token going down rather than up, according to fresh derivatives data from Coinglass.

The long/short ratio currently sits at 0.9406, a clear signal that more traders are betting on the XRP price going down rather than up.

This ratio leaning bearish has persisted for nearly two weeks, suggesting a continued lack of strong buying conviction.

Open interest fell slightly by 1.3%, but derivatives trading volume remains high, jumping 35% to $3.28 billion, showcasing traders' activity in response to the XRP price volatility.

What's Happening with XRP's Price on the Charts?

The current XRP price (via CoinMarketCap) shows that XRP is critically close to the key support level at $2.05. A breakdown below this level could trigger a steeper decline, particularly with the Relative Strength Index (RSI) currently at 47.

XRP's RSI is in neutral territory, with a slight downward trend, indicating that momentum is fading but not yet at oversold levels, which opens the door for more downside before any bounce-back is expected.

The MACD (Moving Average Convergence Divergence) paints a similarly cautious picture. Both the MACD and signal lines are almost flat,