XRP continues to trade in a descending wedge as bearish trend takes control: Technical Analysis
Another dump seems to have been initiated as the cryptocurrency market is a sea of red once again. All the major coins are trading in the red and the dive downwards has shifted nearly $2 billion from the total market capitalization and the crypto market cap is again hovering around the $110 billion mark. After spending some time at the hovering around $3,470 Bitcoin is down again to its lowest level for over a week at $3,420. Ethereum is also not having the best of times as it is hovering around the psychological barrier of $100. The top 20 coins don’t paint a good picture right now with most of the coin registering moderate to substantial losses. At the time of print, XRP is down by 2.03 percent and is trading at $0.2924. The total market cap of the cryptocurrency stands at $12.04 billion.
At the time of print, the cryptocurrency is trading at 0.28836 which is below the support level at $0.2938. Currently, XRP continues to trade inside a descending channel and is now down to the very bottom. The bulls pushed the XRP price towards the supply level of $0.33 but it was unable to penetrate the barrier. The bears pushed the XRP price back to its previous low of $0.28 and the coin is making its effort to break the barrier. The key resistance level stands at $0.3172 and the coin is trading well below it. The hourly RSI indicator stands at 40.8060 which suggest that the coin is neither in the oversold or overbought region. The MACD suggests that the coin is in the bearish zone and the 100 EMA line shows a downward trend. A closer look at the chart suggest that the price is very close to reaching the minor support area near $27.
At the time of print, XRP is down by 0.62 percent and one XRP is equivalent to 0.00008558 BTC.
In an interesting development last month, Ripple reportedly moved a huge sum of XRP in two transactions. The total amount is more than 850 million XRP. Whale Alert noted that one of transactions were made to Bitstamp, a major exchange which trades in XRP along with other coins. However, another transaction was to an unknown address, though is it is presumed to be for a form of escrow.
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