The trading volume over a 24 hour period was $2,172,748,520 and the market capitalization was $11,382,634,676. The short-term chart for XRP reveals that the token is about to break the ascending channel it formed sometime last week.
If this happens, there is a strong chance that the token will lose the support at $0.25 and decline lower against the USD near-term. At the time of writing, the price of the XRP token was $0.252710. This shows that it is down by 0.30% against the USD and down by 1.07% against Bitcoin BTC.
A fall below the $0.25 level will take the price of the XRP token to the resistance at $0.2410. The MACD has entered the bearish territory it managed to leave earlier in the week. The relative strength index has also fallen to the oversold region. It’s not clear what direction the XRP token will take but it has shown a strong correlation to Bitcoin over the last few reading sessions. So, the price action of Bitcoin in the next few days will determine the price action of the XRP token. Bitcoin BTC is currently trading at $11,075.32 USD up by 0.70% with a trading volume of $27,672,464,914 and a market capitalization of $204,829,053,550.
Last year, XRP’s correlation with Bitcoin was much lower at 0.66. Now, it is 0.81. It was Bitcoin BTC’s rise above the $11k level that allowed the XRP token to gain momentum earlier in the week and move toward the $0.27 level before the bears took control of the market. We just have to wait and see what happens to the XRP token over the weekend.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP Managed to Move Above the $0.25 Level a Few Days Ago as it Set Sights at $0.27
- The Bulls are Losing Momentum and the Token is Now at Risk of Moving Lower Against The USD Near-term
XRP is still on a roller-coaster ride as it has been for the past few months or even years. The current bearish pressure in the market isn’t just affecting XRP. It is affecting all the other tokens on CoinMarketCap. This month, XRP has taken a major hit falling significantly to the $0.2300 level where it found support and started recovering.
The XRP token moved as high as $0.26 but the resistance at $0.27 was too intense and the token was unable to break it. The bearish pressure at this level was intense and it dragged the token back to the $0.25 level with risk of lower lows. What will happen to the XRP token in the next few months?
