In light of the recent price fluctuations in the cryptocurrency market, many altcoins have been hit hard. In this case, XRP is no exception.
In terms of the weekly analysis, the rate has decreased from $0.28 to the current value at around $0.2650.
The relevant data for XRP is below.
Market Cap: $11 593 501 822
Volume (24h): $2 276 241 253
Change (24h): -3.71%
The data is relevant at press time.
XRP/USD: Any hope left for continued growth?
Yesterday, the decline in the XRP/USD pair reached the orange support of $0.266. In this area, trading volumes began to decline and the support level suspended the decline.
Some consolidation of the XRP price in this area is possible today, but if the pressure intensifies, the decline will continue to $0.236. Also, this is confirmed by the RSI indicator, which continues to fall.
On the daily chart, the bearish scenario is also prevailing over the bullish one. XRP is forming a Triangle pattern with the nearest support zone at $0.25.
Thus, the trading volume continues declining, which means buyers have no power to push the price higher. In this case, traders can expect the above-mentioned level in the first days of March.
XRP is trading at $0.2644 at press time.
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