Ripple's XRP too lost its charm
- XRP too falls along with other cryptos.
- Outperformance of the past is no more relevant.
Ripple's XRP, the second largest crypto by market capitalisation, has finally broken down of certain key levels on the long term as well as short term charts, resulting in the crypto losing its sheen and the past outperformance of the crypto may no longer hold true.
XRP/USD is up more than 3 percent on day at $0.3098, not much above day's low of $0.2990. On the 180-minute chart of the crypto, it is staying below the descending trendline, giving enough strength to the bears to continue attacking the price, every time it scales a bit.
Even if it manages to cross past this descending trendline, which is placed above $0.33, it has another bigger resistance in the form of 21 weeks SMA, placed at $0.41.
XRP/USD 180-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
