XRP struggling to stay above the $0.300 mark: Technical Analysis
The cryptocurrency market has been holding on well and has registered marginal movement in the past 24 hrs. While there has been a perceptible movement downwards, the market is more or less stable and has come down slightly. Currently, the crypto market is at $121.1 billion which is above the psychological barrier of $120 billion and most of the top coins are showing a marginal drop in prices and are trading in the red. The leader of the pack, Bitcoin is holding up around the $3650 mark and is currently trading at $3637.96, down by 0.45 percent. At the time of press, XRP is the third largest coin in terms of the market capitalization which stands at $12.5 billion with a trading volume of $483,223,973 in the past 24 hrs.
At the time of press, the coin is down by 1.15 percent and is changing hands $0.304751. The drop is XRP’s price is marginal and XRP has found support at $0.300. In the past three days, there have been bearish moves in Ripple’s price below the $0.3120 mark. The coin made attempts to pass the $0.3100 mark, but it failed to do so. Same is not the case with Bitcoin [BTC] or Ethereum [ETH] which have remained in the bullish zone at $3650 and $120 respectively. The key resistance for the coin stands at $0.3037 and the coin is well below it. At the time of press, Ripple is trading at $0.29973 which is just below the support level at $0.300. If we take a closer look at the chart we’ll find that there could be more losses in the near future. The hourly RSI indicator stands at 45.6405 which shows that the coin is neither oversold nor overbought. The MACD shows that XRP is moving towards the bearish zone and is struggling to stay above the $0.300 mark. The 100 EMA line suggests a downward trend.
At the time of print, the digital asset is down by 0.70 percent and one XRP is equivalent to 0.03385285 BTC.
- Earlier this year, Ripple reportedly moved nearly 850 million XRP. It was first posted on a Twitter account, Whale Alert, which live tracks large crypto transactions from and to exchanges. Whale Alert noted that one of the 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.
- In the month of January, Euro Exim Bank joined Ripple in order to connect banks, payment providers as well as digital asset exchanges through RippleNet and provide its clients with a frictionless experience of sending money globally.
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