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The price of XRP, the fifth-largest cryptocurrency, turned green for the first time in six days. At the time of writing, XRP was up 0.83% in the last 24 hours to $0.483.
XRP has been on a steady decline since Oct. 7, marking six days in the red. Bulls attempted to cut the bears' voyage short as XRP fought to be in the green and remained so at press time.
The current scenario depicts indecision between bulls and bears, with both unsure of where the market will trend next. That said, if bears gain the upper hand in this current tussle, XRP would enter its seventh day of losses.
Meanwhile, positive news of XRP replacing USDC in HKVAC indices might have lifted the bulls slightly. On Oct. 13, Hong Kong index company HKVAC revealed its top five large cryptocurrency indices as BTC, ETH, USDT, BNB and XRP. USDC was removed and XRP was included.
The cryptocurrency market is exhibiting early indications of recovery following a week-long sell-off.
The week saw the release of key inflation statistics, which exceeded expectations. The most recent FOMC meeting's takeaways revealed that rates might be hiked one more time before the monetary tightening cycle ends.
If XRP bulls obtain the much-needed strength to trigger a climb, XRP may face the daily MA 50 barrier at $0.508 first, followed by the daily MA 200 barrier at $0.529. A breakthrough at these crucial levels would be the first evidence of strength.
On the other hand, XRP may approach significant support at $0.459 if bears continue to sell.
Godfrey Benjamin
Arman Shirinyan
Vladislav Sopov
Dan Burgin