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Finally, XRP shows signs of recovery; Coinbase users still HODLing despite poor attempts to climb

Bitcoin

XRP is ranked at #3 below Ethereum and is one of the few top altcoins to be in the green zone today. The price grew at a rate of 1.20% in the course of the past 24-hours. The trading volume recorded is $920.714 million, whereas the supply has 42,890,708,341 XRP coins in play. The total market cap of XRP is $11.350 billion. As of this moment, XPR is priced at $0.264648.

Data from Coinbase exchange shows that more than 80% of the XRP enthusiasts are continuing to buy the digital asset. XRP has been underperforming for more than a year, and the coin has been unable to go beyond the $0.5 mark. This year, Ripple has brought in many new partners, most importantly MoneyGram, which has begun using xRapid to facilitate payments.

XRP has found strong support close to the $0.25 mark. Some hardcore fans of the Ripple network attribute the slow-motion of XRP in the market to skepticism exhibited by regulators. Ripple, the Fintech company in-charge of XRP, has been dumping huge quantities of coins in the market, thereby prohibiting further growth.

According to the candlestick chart for the XRP/USD pair on tradingview, bearish force is yet to subside. The daily RSI [for 10 periods] stands at 26.18, which shows that XRP has entered the oversold zone since 14th August. The MACD line remains below the signal line, ensuring that the histogram formed is red. After 30th July, the Ichimoku Cloud had changed its shade from green to red.

All of these indicators point to the prevalence of sellers in the market. If XRP does manage to climb, it will face stiff resistance near the $0.337 level. Although further losses may occur sometime in the foreseeable future.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.