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The overwhelming majority of cryptocurrencies now report losses while Bitcoin returns below $ 4000. The last days of price actions have seen unexpected movements, but Ripple's XRP began to fall yesterday while most cryptocurrencies were still in increase.
The XRP met resistance at $ 0.4 during the bullish peak and has since started to turn down. The decline accelerated with the price movement from opening at around $ 0.38 to an intraday low at $ 0.35. If downward market conditions continue, it is likely that the decline in the XRP will fall to $ 0.3 after it has already reached this level during last week's bearish movements.
For the time being, $ 0.35 is likely to provide some support and was done during previous trading activities. The only bullish factor to consider is that today's decline is lower than the previous ones and the price increase that preceded it. This indicates that there may not be much force behind the crisis and that traders could raise the price from here.
The hourly chart shows the drop in detail. The price has dropped from $ 0.37 to $ 0.35 in the span of a few hours with most of the move taking place in an hour. The price quickly began to experience support as it reached $$ 0.35 and started trading around $ 0.355.
Key Takeaways:
- The XRP recorded a loss yesterday despite the majority of cryptocurrencies rising in price.
- The XRP met strong resistance at $ 0.4 during its price increase.
- The price met support at $ 0.35 during today's decline, but a continuation in these market conditions could drive prices down further to $ 0.3.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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