Ripple price update: XRP/USD refreshes lows below $0.30 amid crypto market’s slight dump

XRP/USD is among the daily losers on the cryptocurrency market. As discussed in the price analysis yesterday, Ripple slipped below the key support at $0.30 and tested the levels close to $0.29. The entire market reacted in tandem with XRP where most major digital assets posted losses.

Bitcoin, for example, slumped towards the short-term support at $3,900 while Ethereum declined to test the support at $132. Bitcoin Cash was not spared by the pressure, the asset dropped below the support at $155 to form a low at $154.75.

The market capitalization suffered a slight loss as well from $138 billion to the current $137 billion. Ripple’s daily trading volume has been increasing in the last five days amid. However, the price has been forming lower lows and lower highs in the same period probably due to the controlled selloff. According to the data on CoinMarketCap, Ripple’s trading volume stands at $755 million compared to yesterday’s $750 million.

A look at the chart shows that the bulls did not stay down for long as they pushed for a reversal. XRP/USD now trading at $0.30066 after reclaiming $0.30 support level. The fact that the price is below the Simple Moving Averages, it means that the sellers are still present. Besides, the 50 SMA is below the longer term 100 SMA with the gap between them increasing to show that sellers could be increasing their grip. On the contrary, the rising RSI shows that the trend is slightly in the favor of the bulls, at for now.

XRP/USD 1-hour