Ripple Token [XRP] The price undergoes a contraction of the market


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%.
XRP Daily Chart – Source:

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.
XRP time chart – Source: [19659005] Key Takeaways:

  • The XRP is undergoing declines, but outperforming Bitcoin and Ethereum.
  • Bearish prospects considering the recent sharp downturns throughout the market.
  • XRP has lost more than 90% from its historical highs.
  • Probable resistance on 50EMA daily and hours.
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