Ripple (XRP) Falls To $0.43 With Bears In Full Swing
Ripple (XRP) has fallen to $0.43, with bears now skyjacking the market following a big plunge the previous week.
While the XRP price appears to have recovered in the last several days, the bulls appear to have pushed the bears to their current market movement.
The previous week did not look promising for Ripple traders and investors, as XRP fell 42% to settle at $0.4255.
The entire week was seen to drift on a bearish swing that dropped to $0.4018 before regaining momentum and closing the week at $0.4123. This suggests an oversold token with the possibility of an upside.
However, the token price has yet to show a higher low and higher high to validate the created moment, implying that bulls will have to nudge the price of XRP to $0.65 before it initiates a new bullish trend.
As the price of XRP falls, it is likely to surge to a bullish trend. However, due to the current market condition, the positive streak may be short-lived. The value of the technical oscillator indicates that the token has passed through the lows on the charts (hourly, daily, and weekly).
It is just below the 50-day and 100-day Exponential Moving Average. An increase in purchasing demand might push the price higher, approaching the 50-day exponential moving average even before it reaches $0.50.
Depending on the conditions, a decline in XRP suggesting a bearish shift could cause the coin to enter a new downtrend. If XRP falls below its current low, it will test the $0.40 level.
While every token works for decentralization, Ripple owns XRP entirely and wants to be the asset that targets bank acceptance. Ripple is a payment gateway as well as a cryptocurrency. Ripple Labs launched it in 2012 as one of the first coins in the crypto industry.
Ripple was created by Chris Larsen and Jed McCaleb. Four years after its inception, the company secured BitLicense from New York to ensure that XRP remains stable in the face of turbulence.
However, due to crypto instability, Ripple has dropped to 21% and is still battling to stay up with the pace.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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