Ripple Token [XRP] Price Suffers Amid Market Downturn

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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.com

The 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.com

Key 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.
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Ripple Token [XRP] Price Suffers Amid Market Downturn was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.