XRP being in a bearish mood plunged by 30% in just 24-hours

  • After bullish momentum, the price of XRP is again continuing to behave bearishly
  • In the last 24 hours XRP fall by more than 30%
  • Bad mood of investors causing sell-offs of the token is the reason behind the declining market cap and price

Following the data from CoinMarketCap, it is revealed that after having bull run towards $0.36, the price of XRP is again holding a bearish momentum. On Monday, at 05:48 GMT, the world’s largest fintech firm, Ripple’s native token, was trading at the price level of $0.27. At the price level, the token was by approximately more than 30%. However, this was the most extensive intraday low observed, since the third week of last month. It is known that the sell-off of the token is caused by the investor’s bad sentiment, which sank XRP’s total market capitalization.

The recent price performance of XRP token

Following the price movement chart of XRP, it is revealed that the sell-off of the XRP tokens took place between the price level of $0.25 and $0.31. Over the period of the last twenty-four hours, the total volume traded of the token was $10.282 billion, 5.15% of all the virtual currencies. However, with the decline in the price, the token’s total market capitalization has also dropped, and most probably the reason for the plunge in the price. 

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On the other hand, over the period of the last seven days, the price of the token was observing in a bullish mood. In that period the token experienced an increase of 18% while trading in the range of $0.21 and $0.36. However, the price is still more than 90% away from it’s all-time high price.

Will the token gain bullish momentum in the short-term?

Observing the current outlooks shows that, if XRP crosses some resistance zones, then few chances to continue its bullish price rally can be observed. However, for the short term if the price of the token tries to sustain in the range of $0.28 and $0.295, then soon the XRP army will be able to witness a move towards $0.5. However, if the price gets in the range between $0.21 and $0.23, then the possibility to gain the bullish mood in the short-term will reduce. However, the short-term support and resistance areas range from $0.21 to $0.23 and $0.32 to $0.35.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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