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- Ripple’s XRP is struggling below a descending trend line on the hourly chart.
- The market cap fell 2.66% overnight, registering $19.17 billion.
- The RSI indicator turned down after reaching the semi-line (point 50).
Ripple’s XRP price is falling as a result of decreased buying pressure. Despite a brief setback, the XRP price appears to be on the mend. Buyers are barely keeping XRP costs from seeing another large price correction. As a result, the cryptocurrency price remained above the previous swing low of $0.37.
The bears have painted the third red candle of the week, and the week appears to be tumultuous. As a result, the current price movement represents the lower-to-higher context of the daily price scale. As a result, bears discovered a buying zone along the declining trend line (bottom of the chart). If buyers can quickly break past the horizontal barrier, $0.45 will be the next selling area.
At the time of writing, XRP coin is trading at $0.38 mark against the USDT. Crypto price stays at a crucial zone, where bulls have to manage this level to avoid the next major drop. Due to selling pressure, Market cap plunged 2.66% in the last 24 hours, reported at $19.17 Billion.
Trading volumes are down 11% overnight amid low volatility in the market. Traders saw $862 million of buying and selling in XRP, according to CMC. However, the crypto remained below the 200-day exponential moving average after reversing from the $0.50 key resistance level. As a result all the necessary EMAs like 20,50,100 and 200 are present above the current price of XRP.
The MACD is slowly moving towards the neutral zone but the histogram is not supporting the positive scenario. Furthermore, the RSI indicator turned down after reaching the semi-line (50 points).
Conclusion
XRP price may attract the interest of buyers if they witness a massive trading volume as well as a crypto trend reversal from the previous swing high. The 20-day exponential moving average appears to be the nearest bullish hurdle, so the bulls should avoid this range to sustain the bullish rally.
Support level – $0.37 and $0.30
Resistance level – $0.45 and $0.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
