Despite the fact that XRP and Ethereum (ETH) fiat pairs have been added to the Binance exchange, its rate has dropped by 1.54% since yesterday. The current decline also applies to the other top coins, which are located in the red.
Against Christmas, the total market cap has declined and now constitutes around $190 billion.
Below is the relevant data for XRP and how it's looking at press time:
Market Cap: $8,226,144,731
Volume (24H): $1,223,193,996
Change (24h): -1.54%
XRP/USD: Can the Oversold be a Reason for an Upswing?
XRP is not an exemption from other coins as its rate continues to drop. However, the cryptocurrency has gained 1.77% since last week.
Looking at the 4H chart, there are obstacles for XRP to move down to its nearest support of $0.1840. The coin is staying within the descending channel, and the declining trading volume confirms an ongoing decline. What is more, there is no divergence on the relative strength index (RSI) indicator, which means that sellers are continuing to push down the rate.
As for the bigger picture, the situation is a bit more promising. The rate of the coin has rolled back to its November 2017 positions. While analyzing the chart, the Moving Average Convergence/Divergence (MACD) indicator has been located below the zero for a long time without any significant movements up or down.
What is more, the RSI has almost reached the oversold area. Based on these facts, one could conclude about XRP possibly growing to $0.20 in the upcoming weeks. However, the rise should be accompanied by growth of the entire cryptocurrency market.
At press time, XRP is trading at $6,870.