Ripple's XRP: Underperformance continues, 2nd largest crypto tag at risk of losing
- Continues to stay down as bounces get sold into.
- Finds support in shorter moving averages, may not hold.
Ripple's XRP the crypto, that has been holding on to itself in the face of massive sell-off in all the other major cryptos, has now been underperforming all the other major peers, although still holding on to the coveted second largest crypto tag by market capitalization but by a very thin margin.
XRP/USD is down about 0.2% at $0.3668 and trading in about 3% range for the day. On the 360-minute chart of XRP, it has clawed back its gains after retracing from a descending trendline that's not allowed it to cross past it since last month. Although it did find support in the form of 21 days SMA when it went down last time, holding on to that won't be easy if bears continue attacking it in the new year.
XRP has lost more than 80% of its value through this year, despite intra-year gains that saw prices rallying more than 100 percent from the bottom. So the year ahead would be challenging for the bulls as they have a mountain to climb.
XRP/USD 360-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
