The vast majority of cryptocurrencies are recording losses today as Bitcoin returns back below $4000. The last few days of price action recorded unexpected bullish movements, but Ripple’s XRP began declining yesterday while most cryptocurrencies were still rising.

XRP met resistance at $0.4 during the bullish spike and had since begun to turn downward. The drop has accelerated today with price moving from the opening at around $0.38 to an intraday low at $0.35. If the bearish market conditions continue, we are likely to see XRP drop towards $0.3 after already approaching this level during the bearish movements of last week.

For the moment, $0.35 is likely to provide some support and has done during past trading activity. The one bullish factor to consider is that today’s drop is on less volume than previous drops and the price rise that preceded it. This indicates that there may not be much strength behind the downturn and that traders may drive the price back up from here.

The hourly chart shows the drop in closer detail. Price dropped from $0.37 to $0.35 over the space of a few hours with the majority of the move taking place over one hour. Price quickly started to experience support as it reached $$0.35 and began to trade in a range around $0.355.

Ripple’s XRP Reverses After Meeting Key Resistance was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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