Cover image via www.tradingview.com
The first days of the week the cryptocurrency market has stared with a bearish mood as the decline that started over the weekend has continued. As a result, all of the top 10 coins are in the red zone.
Top 10 coins by Coinstats
The decrease in the market has affected its capitalization, which has lost $10 Bln in just 24 hours.
Cryptocurrency market capitalization
The relevant data for XRP is as follows.
-
Name: XRP
-
Ticker: XRP
-
Market Cap: $8,166,616,788
-
Price: $0.185130
-
Volume (24h): $1,146,291,860
-
Change (24h): -3.42%
The data is relevant at press time.
XRP/USD: Will the drop continue to support at $0.15?
Last Sunday, the $0.190 level hardly restrained sellers' attempts to squeeze XRP out of the side range. Last night, this support could not withstand another onslaught, and the price set a local minimum at $0.185.
XRP/USD chart by TradingView
In the morning, the decline stopped and buyers have been trying to return the price to the side range. If it fails to break the $0.19 line, then the decline will continue to the upper border of the purple downward channel.
XRP/USD chart by TradingView
On the 4H chart, XRP has settled below $0.1870, confirming the start of a long-term bearish trend. However, the bullish divergence has been formed on the RSI indicator, suggesting a possible correction. In this case, traders can expect a retest of the $0.1870 level before another wave of the decline starts.
XRP/USD chart by TradingView
On the daily time frame, the MACD indicator is declining, which means that bulls are unlikely to come back to the crucial level of $0.20. Thus, XRP keeps trading within the falling channel where the nearest support is the bottom of the channel at $0.17. The decreasing trading volume confirms the ongoing bearish mood.
XRP is trading at $0.1844 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?