Home / Ripple / Ripple's XRP seems likely to return to key support amid bearish market movements

Ripple's XRP seems likely to return to key support amid bearish market movements

Ripple's XRP has become the largest market-capitalization altcoin during these declines as it has largely outperformed Ether, the original cryptocurrency of the Ethereum network. However, the XRP has recently been subjected to extremely bearish movements. Last week's bearish movements brought the price of XRP below the key level of $ 0.4 and a break below $ 0.3 is now a very real possibility for its price.

Momentum for XRP is strongly on the side of sellers with the decline of both MACD and RSI. The next key support level is probably $ 0.3 with price action already after Sunday's decline nears this point. There is a strong possibility that the price will fall below this point as it has already stood at a minimum of $ 0.25 this year, demonstrating that traders are comfortable with the exchange of prices below $ 0.3.

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Daily XRP chart – Source: Tradingview.com

Price action has started to consolidate around $ 0.35 in the last 24 hours, but it seems likely that there will be further interruption thereafter. The 50-hour EMA will probably be a point of resistance, and a rise above this level would probably also face resistance to 200 EMA per hour and $ 0.4 points.

The price trend approached the $ 0.3 level on Sunday's crash, but failed to break below. A return to this level would have a greater chance of breaking below as each progressive test of a level generally weakens the level with fewer buyers who support the level on each occasion.

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XRP time chart – Source: Tradingview.com

The general conditions of the market are currently extremely bearish. The total capitalization of cryptocurrency has dropped to about $ 122 billion after selling about $ 211 billion just two weeks ago.

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Overall Capital Cap of cryptocurrency market

Key Takeaways:

  • The XRP has become the biggest altcoin by market capitalization, but it still looks bearish and looks set to go back to testing $ 0.3.
  • The momentum is strongly on the sellers side, with the decrease of the daily MACD and of the RSI.
  • Every hour 50 EMA and 200 EMA together with the $ 0.4 level all probable resistance points. Price action is currently undergoing consolidation, but these points could mean a decline.
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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