While the price of XRP is falling significantly against the USD at this time, it isn’t the only altcoin that is falling. This week, things took a bearish turn compared to last week when the bulls took control of the market briefly.
The token is below the 100 simple moving average as it broke below the support at $0.2440. The token traded as low as $0.2293 level before things got better.
The resistance at the 23.6% Fib retracement level from the last drop from $0.2590 to $0.2293 is critical. The technical indicators are mixed. The MACD is in the bearish territory and the relative strength index has left level 50. With Bitcoin BTC approaching the $10,400 support, everyone is waiting to see what direction the altcoin market will take. A bullish Bitcoin might attract a bullish Ethereum ETH and XRP. In the next few days of trading, we will know if the bears will maintain control of the market.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Ripple XRP Remains Bearish as it Approaches Crossroads Between Bearish Fall and Bullish Direction
- Ripple XRP Failed to Move Above the Resistance at $0.2580
The price of XRP has been on a steady decline for the last few weeks. While bearish price action isn’t unusual in the cryptocurrency market, XRP has built a bearish reputation over the last three years. Even since the XRP token tested the $3.50 level during the 2017/2018 Bitcoin bull run, XRP hasn’t been unable to recover fully from the bearish pressure that followed.
Yesterday, the XRP token declined below the $0.24 level and it has been hovering in the $0.23 Level since then. XRP must stay above the support at $0.2300 to avoid lower lows against the USD near-term.
At the time of writing, the price of the XRP token was $0.233240. This means it is up by 0.50% against the USD and up by 0.42% against Bitcoin BTC. The trading volume over a 24 hour period was $1,495,902,848 and the market capitalization was $10,518,515,085. The token is dangerously moving toward the $0.2300 level and it all started when it moved below the support at $0.2380. The break below this support led the XRP token straight to the $0.2330 support. The most significant resistance for XRP near-term is at the $0.2580 level.
If the bulls can gather the momentum they need to above the resistance at $0.2380 level, the next resistance will be at $0.2400. XRP has had a hard time moving above this level. However, the next time the token tests $0.2400, there is a strong chance that it will move as high as $0.2580 where it will face the most significant resistance near-term.
