The market has entered a short-term bearish wave after the major coins could not hold above their local peaks. All of the top 10 coins are under bear pressure while the top loser is the recent gainer Ethereum (ETH), whose rate has dropped by 3.63% over the past day.
The market capitalization has also affected the price action of the coins. The drop has made up around $11 Bln over the past day.
The relevant data for XRP is below.
Market Cap: $8,133,447,398
Volume (24h): $1,125,854,816
Change (24h): -1.38%
The data is relevant at press time.
XRP/USD: Has the recent growth ended?
Active sales yesterday triggered a sharp drop of the XRP price. Until the end of the day, the pair rolled back to the low zone of last week while the drop has constituted 1.38% since yesterday.
In the Asian session, buyers tried to restore the price from the minimum zone, but this morning the decline continued. In the near future, the pair might reach the upper limit of the declining purple corridor and consolidate in the support area of $0.17.
On the 4H time frame, XRP has bounced off the support level of $0.1785. The trading volume is at medium levels, which means the current bounce back is just a correction of the fall, followed by a continued decline. In this regard, the growth might continue to the mirror level of $0.1850. The potential of an ongoing rise is confirmed by the RSI indicator, which has formed a bullish divergence. However, we should consider this short-term growth and not the start of a new bullish wave.
The daily chart shows that nothing has changed yet - bears are getting stronger with every drop. The lines of the Bollinger Bands indicator are dropping which means that bears are not going to give bulls the initiative. The trading volume has also continued slowly falling. After the ongoing bounce completes, XRP may reach the next support located near $0.1740 where a high concentration of liquidity is focused.
XRP is trading at $0.1830 at press time.