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%.

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XRP Daily Chart – Source: Tradingview.com

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.

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XRP time chart – Source: Tradingview.com [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.
NOTE: Investing or exchanging 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 a purchase, sale or storage advice and should not be taken as approval or recommendation of a particular asset.

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