Even though there are growth efforts from bulls, the bull run that started in mid-March 2020 is coming to an end. Most of the time coins have been sitting in the red zone and today is no exception.
The ongoing decline of the market has influenced its market capitalization, which has decreased by $1 Bln over the past day and now amounts to $262.3 Bln.
The relevant data for XRP is as follows.
Market Cap: $8,412,468,566
Volume (24h): $1,103,497,540
Change (24h): -1.45%
The data is relevant at press time.
XRP/USD: Will XRP come out of the bearish trap soon?
Yesterday, sellers held the initiative and pushed the XRP price below support at $0.19 on small volumes. This morning they managed to establish a local minimum at $0.187.
If buyers can not lift the price, then the rollback may continue to the upper purple border of the downward channel. If the volume of purchases increases, then the pair will return to the area of average prices.
On the 4H chart, bulls are buying back XRP at the local support levels, trying to hold the bullish trend. The trading volume, as well as the liquidity, are not declining, which indicates buyer pressure at the current levels. Respectively, if this situation unfolds, we can expect growth to the end-point of the Triangle pattern at $0.1934.
Minor rollbacks on small time frames do not change the bearish long-term picture. The trading volume keeps declining and XRP cannot break get out of the falling channel. The $0.1870 mark is the first point buyers might show their strength. If it is broken, the next vital support is at around $0.1740. If bears keep pushing the rate deeper, the above-mentioned zones might be broken in July 2020.
XRP is trading at $0.1889 at press time.