The XRP suffers a sharp two-day decline

Ripple's XRP was forming a bullish structure with its recent price action, but the market moves to be launched this week have led to a much more bearish prospect for the third largest cryptocurrency by market capitalization. The XRP reached a lower level and looked set to reach a higher high near the $ 0.55 mark, but instead depreciated from $ 0.525 to about $ 0.47 in the last two days.

Support could get to play at 50 EMA, but it is unlikely to hold up if we continue to see downward movements through the cryptocurrency market. The entire roof of the cryptocurrency market is currently $ 203 billion, so the $ 200 billion point will probably be an important point for the market outlook. Even the market leader Bitcoin, which represents more than 53% of this market capitalization, is approaching the important price point of $ 6000, and a sudden break below could mean even more sharp drops in the altcoin market.

Today's candle in XRP is forming a Marubozu candle which shows a strong bearish movement. A Marubozu candle is a candle with a long body, and small or nibble shins that indicate a strong movement is a direction.

Key Takeaways:

• The bullish movements of the XRP stop with a sharp decline in the last two days.
• The support could get to play around the 50 EMA, but the continuous downward movements throughout the market will likely lead to the rupture of the XPP below.
• The capital cap of the cryptocurrency is approaching $ 200 billion, and the market leader Bitcoin is approaching a major price of $ 6000. A sharp break below $ 6000 for Bitcoin will probably result in a decline again. more pronounced in all sectors.

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