XRP price analysis – Expecting $0.15 soon
|Cover image via www.tradingview.com
The first days of the week the cryptocurrency market has stared with a bearish mood as the decline that started over the weekend has continued. As a result, all of the top 10 coins are in the red zone.
Top 10 coins by Coinstats
The decrease in the market has affected its capitalization, which has lost $10 Bln in just 24 hours.
Cryptocurrency market capitalization
The relevant data for XRP is as follows.
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Name: XRP
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Ticker: XRP
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Market Cap: $8,166,616,788
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Price: $0.185130
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Volume (24h): $1,146,291,860
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Change (24h): -3.42%
The data is relevant at press time.
XRP/USD: Will the drop continue to support at $0.15?
Last Sunday, the $0.190 level hardly restrained sellers' attempts to squeeze XRP out of the side range. Last night, this support could not withstand another onslaught, and the price set a local minimum at $0.185.
XRP/USD chart by TradingView
In the morning, the decline stopped and buyers have been trying to return the price to the side range. If it fails to break the $0.19 line, then the decline will continue to the upper border of the purple downward channel.
XRP/USD chart by TradingView
On the 4H chart, XRP has settled below $0.1870, confirming the start of a long-term bearish trend. However, the bullish divergence has been formed on the RSI indicator, suggesting a possible correction. In this case, traders can expect a retest of the $0.1870 level before another wave of the decline starts.
XRP/USD chart by TradingView
On the daily time frame, the MACD indicator is declining, which means that bulls are unlikely to come back to the crucial level of $0.20. Thus, XRP keeps trading within the falling channel where the nearest support is the bottom of the channel at $0.17. The decreasing trading volume confirms the ongoing bearish mood.
XRP is trading at $0.1844 at press time.
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