Ripple XRP interrupts below key support


The Ripple XRP has largely outperformed Ether during these market downturns, with the result that it has become the largest alt-in by market capitalization. After testing the support at $ 0.4 on several occasions, XRP broke below it over the weekend and stood at a low of around $ 0.31 yesterday.

The price then rose to $ 0.35, but the momentum is still largely on the sellers side. Both the RSI and the MACD are decreasing, indicating the growing dynamics of the seller.

Yesterday's candlestick formed a Doji in XRP. A Doji is where the opening is around the same point of the closure and may have long wicks. It generally shows some indecision in the markets. Today's candle is recording a downward movement when the price has dropped from around $ 0.37 to trading close to $ 0.35 at the moment. There are conflicting performances in the rest of the cryptocurrency market.
Daily XRP chart – Source:

Overall, the price action of XRP shows bearish models. Price action is struggling to appreciate despite other altcoins rising in the last 24 hours. However, the drops were crisp and on significant volume.

The increase compared to yesterday's lows seems to have met resistance at 50 EMA per hour. The price has fallen more sharply in the last hours and is likely to continue to fall. The next significant level of support is the $ 0.3 point which is likely to be a significant point for traders.
XRP time chart – Source:

Key Takeaways:

  • After numerous tests, XRP drops below the support of $ 0.4 and is reduced to $ 0.31.
  • The next probable support level will be $ 0.30 with this significant point for traders.
  • The price is currently around $ 0.35, but the momentum is on the sellers side. Both the RSI and the MACD are declining and price action is currently falling on a significant volume.
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.




Shutterstock foreground image.

[blokt] is a leading independent blockchain news source that maintains the highest professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.

[ad_2]Source link