Bearish movements took place across the cryptocurrency market yesterday as Bitcoin returned to sub-$6k levels. Ripple’s XRP is no different and is now on its third consecutive day of declines. XRP has managed to hold its value during this decline better than Ethereum and has now overtaken Ethereum as the largest altcoin in terms of market cap.
Yesterday’s decline brought the price of XRP from $0.5 to an intraday low close to $0.4. Price had since retraced to close around $0.46 but is continuing its drop today. The price is currently trading around $0.44, and momentum is firmly on the side of sellers. Both the RSI and the MACD are decreasing showing seller momentum.
Price is more stable today for XRP, but the overall outlook remains bearish. An increase from here would likely meet numerous resistance points such as the hourly 50 EMA and $0.49 level in the event of a significant rise. With the overall market moving in a downward direction, there is likely a greater chance of XRP returning to $0.4. XRP traded all the way down to $0.29 around one month ago, so there is the possibility of XRP returning to sub-$0.4 levels
- XRP overtakes Ethereum to be the second largest cryptocurrency by market cap
- XRP dropped to near $0.4 yesterday but has since retraced. With strong seller momentum, XRP is likely to return near this point.
- XRP traded near $0.29 one month ago, so there is the possibility of XRP moving to sub-$0.4 levels.
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|