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Bearish movements occurred yesterday in the cryptocurrency market while Bitcoin returned to levels below $ 6k. Ripple's XRP is no different and is now on its third consecutive day of decline. XRP managed to maintain its value during this decline better than Ethereum and now has passed Ethereum as the largest altcoin in terms of market capitalization.
Yesterday's decline brought the price of XRP from $ 0.5 to an intraday low near $ 0.4. Since then the price has returned to close around $ 0.46, but continues to fall today. The price is currently trading around $ 0.44, and the momentum is firmly on the sellers side. Both the RSI and the MACD are diminishing by showing the seller's impulse.
The price is more stable today for XRP, but the overall outlook remains bearish. An increase from here would probably encounter numerous resistance points such as 50 EMA and $ 0.49 in the case of a significant increase. With the general market moving down, there is likely to be a greater chance that XRP will return to $ 0.4. The XRP was trading up to $ 0.29 about a month ago, so there is the possibility that XRP will return to levels below $ 0.4
Key Takeaways:
- The XRP surpasses Ethereum to be the second cryptocurrency by market capitalization
- The XRP fell to about $ 0.4 yesterday, but has since come back. With a strong push of the seller, the XRP is likely to return close to this point.
- The XRP was trading close to $ 0.29 a month ago, so there is the possibility that XRP will go to levels below $ 0.4.
| 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. |
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