The cryptocurrency market has returned to sharp downward movements after a bullish week was assessed last week. The price of XRP has undergone significant corrections this year amid the prolonged bear market. The third largest cryptocurrency by market capitalization, XRP has a lot of support from investors, and there has been much speculation about its potential to disrupt the banking sector.
The token is currently trading at less than 10% of its total – high time that was above $ 3. The price is currently trading around $ 0.29 with the lows of 2018 at $ 0.25. The price has been in a prolonged downtrend and is falling every time it approaches the daily 50EMA. The XRP has not depreciated as much as its large-cap counterparts in the last 24 hours. It has suffered a decline of about 5%. Bitcoin depreciated by almost 8% with Ethereum depreciating by almost 12%.
The hourly chart shows the XRP price with support at $ 0.28 level. It fell below this level, but it was traded again. The price is back to trade around $ 0.029, but it is likely that resistance matches at $ 0.30 with the 50EMA hour currently negotiable at this point. Outlook is bearish for cryptocurrency as a whole and the movement of XRP is probably in line with the rest of the market.