The bearish events of the past week have resulted in Ripple’s XRP becoming the largest altcoin by market cap and the second largest cryptocurrency by market cap, with Bitcoin the largest. This was the result of XRP outperforming the majority of altcoins while the market was declining and also while it was recovering.
Recent movements XRP have been more bearish. Price action has fallen close to the $0.4 on a number of occasions. Initially, price bounced as it approached the level showing that traders were not willing to accept such as low valuation for XRP. The more recent drops have had price action trading closer to this level for longer, showing that traders are more comfortable with XRP trading at this lower valuation. This gives an increased likelihood that XRP could drop below this point going forward.
The momentum is on the bearish side both in the overall market and in XRP. Both the MACD and the RSI are decreasing for XRP, reflecting this seller momentum.
One the lower timeframe hourly chart, price action has met resistance at the 50 EMA on numerous occasions. Price is currently trading very close to this point around $0.43. If it manages to overcome resistance at the 50 EMA, it will likely meet more resistance at the 200 EMA which is currently trading around $0.46. Overall, the market conditions remain extremely bearish despite the small recoveries over the past 24 hours.
- XRP has traded to $0.4 on numerous occasions increasing the likelihood that it could trade below going forward.
- XRP has met resistance at the hourly 50 EMA on numerous occasions. If it overcomes this point, it will likely meet resistance at the hourly 200 EMA.
- Market conditions remain extremely bearish despite the recent recoveries. Both the MACD and the RSI are decreasing in XRP representative of the strong seller pressure.