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The market has become even more bearish since yesterday; almost all of the Top 10 coins are in the red except for Polkadot (DOT), which remains trading in the green zone, rising by 1%.
The total cryptocurrency market capitalization has also declined by almost $20 bln. The current index accounts for $350 bln.
The key data of XRP is looking the following way:
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Name: XRP
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Ticker: XRP
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Market Cap: $11,881,356,680
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Price: $0.263964
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Volume (24h): $1,560,326,322
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Change (24h): -3.28%
The data is relevant at press time.
XRP/USD: Will bears dump the coin below $0.25?
XRP has lost the least among the Top 3 coins. The third most popular crypto has lost 3.28% of its price share, which is much less than the price change of Bitcoin (BTC) and Ethereum (ETH).
On the hourly chart, XRP has bounced off the support zone at $0.2555. At the moment, there is great potential to see a correction after a sharp decline. The liquidity is low, which supports the idea of a price rise to the support at $0.27. However, that will be just a bounce off, but not the start of continued growth.
On the 4H time frame, a correction is also more likely than a drop. The Relative Strength Index indicator is almost on the verge of the oversold area, which means that bulls may seize the initiative in the short-term perspective. In that case, a rise may take XRP to the mark of $0.27.
On the daily chart, the situation is reversed. The crucial support level of $0.25 has not been attained, which means that bulls may try to test it again.
Thus, the MACD indicator is located in the bearish wave without any signals of a potential reversal. All in all, the main scenario is a retest of the $0.25 mark before continued growth.
XRP is trading at $0.2630 at press time.
Vladislav Sopov