2018-9-7 18:24 |
The cryptocurrency market has turned back to sharp downward movements after a bullish week was priced in last week. XRP’s price has undergone sharp corrections this year amid the prolonged bear market. The third largest cryptocurrency by market capitalization, XRP has a lot of support from investors, and there has been a lot of speculation about its potential to disrupt the banking industry.
The token is currently trading at less than 10% of its all-time high which was above $3. Price is currently trading around $0.29 with 2018 lows being at $0.25. Price has been in a prolonged downtrend and has been dropping anytime it approaches the daily 50EMA. XRP has not depreciated as much as it’s large-cap counterparts over the past 24 hours. It has undergone an approximately 5% decline. Bitcoin has depreciated almost 8% with Ethereum depreciating almost 12%.
XRP Daily Chart – Source: Tradingview.comThe hourly chart shows XRP price having support at the $0.28 level. It dropped below this level but has traded back up. Price has returned up to trade around $0.029 but is likely to meet resistance at $0.30 with the hourly 50EMA currently trading at this point. Outlook is bearish for the cryptocurrency as a whole and XRP’s movement is likely to be in line with the rest of the market.
XRP Hourly Chart – Source: Tradingview.comKey Takeaways:
XRP suffering downturns but outperforming Bitcoin and Ethereum. Bearish outlook considering the recent sharp downturns across the market as a whole. XRP has dropped over 90% from its all-time highs. Resistance likely on both daily and hourly 50EMA. 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 Token [XRP] Price Suffers Amid Market Downturn was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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