2018-11-27 18:19 |
Ripple’s XRP has become the largest altcoin by market cap during these declines as it has largely outperformed Ether, the cryptocurrency native to the Ethereum network. XRP has nonetheless been undergoing extremely bearish movements recently. The bearish movements of last week brought the price of XRP below the key $0.4 level, and a break below $0.3 is now a very real possibility for its price.
Momentum for XRP is strongly on the side of sellers with both the MACD and RSI decreasing. The next key support level is likely to $0.3 with price action already after approaching this point on Sunday’s decline. There is a strong possibility that price could drop below this point as it has already formed a low around $0.25 this year showing that traders are comfortable with price action trading below $0.3.
XRP Daily Chart – Source: Tradingview.comPrice action has started consolidating around $0.35 over the past 24 hours, but another break below seems likely. The hourly 50 EMA is likely going to be a resistance point, and a rise above this level would also likely meet resistance at the hourly 200 EMA and $0.4 point.
Price action approached the $0.3 level on Sundays drop but failed to break below. A return to this level would have an increased likelihood of breaking below as each progressive test of a level typically weakens the level with fewer buyers supporting the level on each occasion.
XRP Hourly Chart – Source: Tradingview.comThe overall market conditions are currently extremely bearish. The overall cryptocurrency market cap has dropped to around $122 Billion after trading around $211 Billion only two weeks ago.
Overall Cryptocurrency Market Cap Key Takeaways: XRP has become the largest altcoin by market cap but is nonetheless looking bearish and seems likely to return to test $0.3. Momentum is strongly on the side of sellers with both the daily MACD and RSI decreasing. Hourly 50 EMA and 200 EMA along with the $0.4 level all likely resistance points. Price action is currently consolidating, but these points may result in a drop occurring. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple’s XRP Looks Likely to Return to Key Support Amid Bearish Market Movements was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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