XRP by Ripple has had some of the best times in the market in the recent past. At the moment, Ripple’s XRP is looking for a balance that is above the 50 SMA. This is in the 4-hour range. The new direction has been taken after the coin had a sharp rejection from the low of $0.25. Currently, it is also risking the support at two major prices. The first one is $0.21, and the other one is $0.23.
Journey Of Breaking The Boundaries
Ripple has now embarked on a strong journey of breaking all the major barriers. This happened over the weekend. While doing that, the coin went to the extent of testing the $0.25 critical resistance price zones. The coin was recently rejected from the peak of January to the price levels that were close to $0.23There are a number of factors . that led to this. One of them was lack of sufficient buying power. The other one was the increased selling pressure.
Prevented More Decline
The ascending trend line support is also another factor to be considered. For another time, it rose to the rescue of the main bulls. This action prevented the decline of the bulls below the 61.8% Fibonacci retracement level of the previous drop. The last recorded drop was from the high of $0.2542 to the lows of $0.1855.
Overcoming The Main Challenges
Ripple’s XRP is still the largest crypto coin in terms of market capitalization. It has a market capitalization of $10 billion. In the last 24 hours, XRP had a total exchange-traded volume of $2 billion. The data has been given by CoinMarketCap. There is also another thing that has happened in the last 24 hours. XRP has just lost 5% of its main price value.
On the Monday, January 20, 2020, the coin began on a whole new trend. The Asian trading session encountered considerable bearish action. At the end of the brief trading session, the coin incurred a loss of 1.7% loss.
Seeking A Strong Balance For A Short Term
The price of the third largest crypto coin is doddering at the value of $0.2317. As that happens, the price is seeking a balance that is above the short-term support above the value of $0.2300. The prevailing technical levels have shown a number of things. It shows that the bears are entirely in control at the moment.
The same downward momentum is reflected by the Relative Strength Indicator. This has breached the level of support at 50. The main Ripple bulls must defend the support at the price of $0.23 at all the costs. This is due to the fact that the next support seats at the respective prices of $0.20 and $0.21.