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The correction has reached almost all coins from the Top 10 list except for Chainlink (LINK), whose rate has increased by 2.29% since yesterday. Meanwhile, the top loser is EOS, which has lost more than 7%.
The current decrease in the market has negatively affected the total capitalization index, which has declined by $12 bln and now stands at $365 bln.
The key data for XRP is looking the following way:
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Name: XRP
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Ticker: XRP
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Market Cap: $13,294,613,263
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Price: $0.295813
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Volume (24h): $2,189,804,611
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Change (24h): -4.49%
The data is relevant at press time.
XRP/USD: Can the altcoin come back to $0.30 by the end of the month?
The XRP price yesterday suspended its decline at the level of average prices, but this morning the pullback continued below the POC indicator line ($0.294). During the European session, the pair will reach support at $0.280. At the moment, it is the biggest loser out of the Top 3 coins.
One might assume that, in this area, the decline will slow down significantly, and the daily minimum will be around the $0.270 mark.
On the 4H chart, XRP has found a local support at $0.2850. Even though the decline might not have finished yet, bulls are about to make a retest of the $0.30 mark followed by a deeper price drop.
If a false breakout of $0.30 is confirmed, bears may push XRP to the support of $0.2757 which can be achieved by the end of August.
In the longer term, XRP has formed a double top pattern, which is considered a reversal. Thus, the declining trading volume confirms such a scenario, as well as a low liquidity level. Currently, bears dominate the market; the trend may change when the coin gets to the important support level at $0.27.
XRP is trading at $0.2940 at press time.
Vladislav Sopov