In the last one day, XRP has witnessed a decline in price up to 3.7%, and with that, the coin has resumed trading slightly below $0.51. As at this time, the resistance levels of the assets are regions close to $0.60 and $0.62. If the bulls are interested in the market, it could go on to touch the $0.64 price region. Also, the coin would be looking at a support around the $0.44 and if the asset further trades below, it could extend to $0.42 and consequently reach $0.40.
However, the downward spiral of the altcoin’s fortunes can be solely blamed on the market’s ill-fate, which has been on for a few days now. As it stands now, the digital asset is gradually making its way below the 9-day and 21-day M.A and it means that the digital asset might continue to trade in the bearish zone.
So what’s next for Ripple?
However, a break in the current channel may give the asset all the momentum that it needs to make a decline with the comeback expected to be a massive surge as it has been previously. Usually, the channel formation has always been able to show where the asset would trade if the formation pattern is looked into. If one considers the price actions of the last 24 hours, XRP is observed to be consolidating at the channel’s upper boundary.
The altcoin’s current price is bearish, but a sharp move in the bullish direction would see the asset locate $0.60 as its first resistance level. If the bulls enter the market fully, the could power the asset over the $0.62, and $0.64 resistance figures. Furthermore, if the digital asset falls below the moving averages, it will see support at $0.46 and $0.44. And if the bears are gaining ground, they could push the asset close to the $0.42 level. However, if one considers Ripple’s movement on a long term, it is still showing signal of bearishness.
If XRP is paired against Bitcoin, it will be observed that such pairing will consolidate within the same channel. The pairing will also witness 9-day and 21-day moving averages within both. On the other hand, the sellers are trying to push the price below the moving average. However, the effect of such conditions will likely lead push support levels further down.
Crypto tokens post marginal gains
An overview of the cryptocurrency market in the last 24hours further shows that a bearish movement will likely occur in the fortunes of many cryptocurrencies. Bitcoin, currently trading at $57,741, has witnessed a surge of 2.56% in the last 24hours, as the trading volume of the asset surpasses the $50 billion mark again this month. The cryptocurrency continues to fall far from the $60K mark, as investor’s expectations continue to be shaky.
Ethereum, on the other hand, has gone up by a paltry 1.65%, amidst a cumulative drop of more than 16% in the last seven days. The leading altcoin continues to move up gradually and records a $26.7 billion trading volume in the last 24 hours. It currently trades at $1,796.7 and likely to break into $1,800 before tomorrow.
Other altcoins like Stellar(XLM), Cardano(ADA), and Chainlink (LINK) have also posted marginal gains in the last 24hours. However, despite the marginal gains posted by a few tokens in the last 24hours, many altcoins have struggled in the same period. However, the market performance is expected to improve in the next few days, as there seems to be some optimism around the market.