Ripple price analysis: XRP/USD steadily rising from the ashes; up 2.77% on a daily basis
- Ripple declines pushed their way through the lifesaving support at $0.30 but the primary support at $0.24 is still standing.
- The crypto’s market capitalization takes a plunge amid rising trading volume.
The bulls are fighting to leave bear pressure behind following fresh declines during the trading session on Wednesday 5. Ripple plunged alongside other major currencies like Bitcoin which dropped from exchanging hands above $7,300 to $6,300. Ethereum was not spared and declined past the August support to create a new 2018 low.
Ripple failed to find refuge at $0.33 and plummeted below $0.30 testing another support at $0.26. The buyers have been able to protect the previous support at $0.24. Besides, there is a bullish trend at the time of press above the 23.6% Fib retracement level with the last swing high of $0.3778 and a swing low of $0.2449.
The selloff has led to a decrease in Ripple’s market capitalization from $13 billion recorded at the close of the trading yesterday to $11 billion at press time. However, there has been a considerable increase in trading volumes from $344 million to $428 million in the last 24 hours according to CoinMarketCap.
At present, XRP/USD is changing hands at $0.28 while the bulls have their eyes locked on $0.30. There will be a struggle at the 38.2% Fibo but a break above $0.30 will put Ripple back on the path towards $0.40.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
