Main navigation

XRP Fails to Break Through, Is This End of XRP's Uptrend?

Fri, 03/10/2023 - 16:00
article image
Arman Shirinyan
Markets falling into deep correction fueled by turmoil caused by SVB, Silvergate and even POTUS
XRP Fails to Break Through, Is This End of XRP's Uptrend?
Cover image via www.freepik.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

The cryptocurrency market experienced a tumultuous period recently as XRP failed to break through the local price channel. XRP's local uptrend, which had almost signaled a successful breakthrough, was cut short by a sudden market downturn. The asset lost more than 6.8% of its value after briefly touching the upper border of the price channel.

XRP, which has been a popular choice among cryptocurrency traders and investors, has struggled to maintain its momentum in recent times. The asset's journey toward a possible new high was abruptly halted, leading to concerns about the future of XRP's market performance.

XRP data
Source: TradingView

The sharp decline in XRP's value is not entirely surprising given current market conditions. The cryptocurrency market has been volatile in recent times, with sudden spikes and drops throughout the movement in the descending channel. The failure of XRP to break through to a new high has led to a loss of investor confidence and has raised concerns about the asset's prospects.

Polygon's sharp decline

Polygon (MATIC) has experienced a 35% price drop from its cycle high, but the cryptocurrency has found a fundamental support level that could indicate a potential reversal in the future. However, it is essential to remember that the overall crypto market is undergoing a significant correction due to various negative events, as previously discussed by U.Today.

Despite the current market turbulence, some analysts remain optimistic about the future of Polygon. The cryptocurrency has established itself as a popular option for decentralized applications (dApps) due to its scalability and low transaction fees. Its recent partnership with Google Cloud has also boosted its reputation as a reliable blockchain platform.

Related
825 Billion SHIB Dumped by Voyager via Top Exchanges as Shiba Inu Adds Zero

Polygon's fundamental support level is around $1, which it has managed to maintain despite the market's volatility. If it can hold this level, it could signal a potential reversal and a new upward trend for the cryptocurrency. However, if it breaks below this support level, it could indicate a further downward trend.

TRX's suspicious activity

Tron (TRX) has experienced a significant decline in value, losing over 12% of its worth in a matter of hours. The sharp drop in value occurred after Huobi Token (HT) saw a sudden 90% drop in value due to a series of leveraged liquidations by some users. Many users speculated that Justin Sun might use his personal TRX holdings to back up HT token. This would artificially lower the price of TRX in favor of HT. The large withdrawals made by Sun recently further fueled concerns that he might be manipulating the market in favor of his own interests.

TRX's sudden decline is a significant event in the cryptocurrency market, and it highlights the volatility and unpredictability of the market. The market is susceptible to manipulation by influential individuals or groups. Investors should be cautious when making investment decisions and not rely solely on rumors or speculation.

Despite the decline in value, Tron (TRX) remains a significant player on the cryptocurrency market. It is a decentralized platform that aims to create a global digital content entertainment ecosystem using blockchain technology. The platform provides a wide range of services, including decentralized storage, digital content distribution and gaming.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.