XRP Daily Chart

Last Sunday, XRP fell from resistance at $0.335 to support at $0.312 as bearish movements took place across the market.

The price of XRP spent the majority of the week consolidating above $0.312.

After numerous tests of the $0.312 support level, the price has broken below $0.312 and is now forming a bearish pattern with lower lows and lower highs.

Bitcoin has also been undergoing bearish movements over the past 24 hours but is maintaining its value better than XRP.

Data from Messari show the price of Bitcoin depreciating 1.36% over the past 24 hours while XRP has depreciated 2.34%.

There was also a bearish drop on Tuesday, but the price quickly recovered to trade back above $0.312.

Tuesday’s drop did form a weekly low at the time, and the current drop is finding buyer liquidity at this level.

Price has formed a new weekly low today but has since started to increase.

Price bounced quickly on Tuesday during the drop but the price is now staying lowers showing traders are willing to accept valuations for XRP below $0.312.

This is a bearish sign and a rise back up to $0312 from here is likely to be met with resistance.

Ripple’s XRP: Price Falls Below Key Support After a Week of Consolidation was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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