- The ongoing correction targets $0.25 support but XRP is holding ground at $0.2595.
- XRP bearish inclination is likely to last throughout the sessions on Wednesday.
- XRP has tanked 25% in 2019 compared to Bitcoin’s 200% increase in the same period.
Ripple’s XRP lagged behind Bitcoin’s sharp recovery to levels above $10,700. The third-largest cryptocurrency movement in the last couple of days has been limited within a narrowing ascending channel. Besides, attempts to break above the 100 Simple Moving Average (SMA) were thwarted by increasing selling activity around $0.2667.
The ongoing correction targets $0.25 support, however, XRP is holding ground at $0.2595. If the downtrend progresses below the channel support, a further breakout could retest $0.24 (major support) and even refresh lows towards $0.22.
Looking at the 4-hour chart, XRP bearish inclination is likely to last throughout the sessions on Wednesday. The Relative Strength Index (RSI) is struggling to hold above the average after retreating from levels roughly at $64.28. On the contrary, the Moving Average Convergence Divergence has sustained an uptrend in the 4-hour range. Moreover, its ability to stay above 0.000 suggests there’s enough buying pressure to avoids dips below the channel support.
XRP/USD 4-hour chart
Away from the technicals, Ripple is caught up in a rising revolution within the XRP community. The community is blaming Ripple for the downtrend that has befallen XRP this year. Particularly, the community wants Ripple to stop dumping XRP coins which according to them is hurting the price.
"I'm thinking about forking XRP so we don’t have to deal with the founders dumping," Twitter user and XRP investor CryptoBitlord, wrote last week. "This will be a community effort."
"[Ripple chief executive] Brad Garlinghouse, [and Ripple chief technology officer] Joel Katz, you now have 60 days to stop dumping XRP or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it."
Garlinghouse was quick to defend the company saying that XRP sales had been reduced and that XRP inflation rate is lower than that of Bitcoin and Ether.
However, XRP has tanked 25% in 2019 compared to Bitcoin’s 200% increase in the same period. Moreover, Bitcoin dominance on the market is ballooning above 70% (an 18-months high).
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