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Ripple XRP Price Dropping: Analysis


Ripple price has been seeing a major decline, failing to stay above $0.4000, breaking two major support levels of 0.380 and 0.3750. The price has been displaying a bearish trend, with perhaps a new base of $0.3500.

Cryptocurrency as a whole has taken a fairly large decline, with Bitcoin dropping from well above $13,000, leading to bearish move from all the altcoins, with Ripple dopping below $0.4000. As a result, there was a sharp decline in XRP/USD below the $0.3850 and $0.3750 support levels. Moreover, the price broke the $0.3600 support area and settled well below the 100 hourly simple moving average.




If the price goes below the 0.3550 support, the price could resume its slide., breaking its previously mentioned support levels. However if it were to break up, it would face resistance near $0.3700 or $0.3720.

Seeing a dip of 8.9% over the last 24 hours. The direct effect of this price dip was due to increase sell-offs of XRP coins. The Relative Strength Index indicator was seen trending between the level 60 and 40 that signaled lack of momentum in the market due to larger than unusual price variation. The RSI indicator is currently heading south, which shows reduce confidence in the coin.

So far the forecast for XRP seems to be moving bearish, while this is mostly speculative in nature, it might be a good idea for Ripple XRP HODLers to brace themselves for a bumpy ride. If Bitcoin were to be further corrected, or lose price for any reason, most if not all alt coins will definitely see a drop. The cryptocurrency remains to be the most volatile market, something most traders are already well aware of.




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.