Ripple Price Drops Below $0.43 As Bears Take Over the Market


After the massive dump in the past week, Ripple price is regaining its position on a long trend. In addition, bulls need to outpace bears in this current market momentum.

Last week was not a good trading week for Ripple buyers as the XRP token recorded a massive 42% loss. As a result, the week closed below $0.4255. Notably, throughout the week, the token’s price had been on a steady bearish trend, falling to $0.4018 before returning to $0.4123 and ending there for the week.

Notably, most indicators are deepened into the oversold zone, implying the possibility of a temporary uptrend.

Ripple Price Plunges Down With No Signs Of Getting Up | Source: TradingView.com

However, the price of the token needs to create a higher low and higher high to validate this reversal of momentum. This also means that the bulls need to push the price of XRP to $0.65 before it can create a bullish trend.

What are the odds?

Due to the massive drop, one can only expect the XRP token to temporarily pick up bullish momentum or bullish mean reversal. On the other hand, we can expect it to be near term given the current market structure. The value of the technical oscillator shows that the token tested the all-time-low (ATL) in the hourly, daily and weekly charts.

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It is also worth noting that the price of the token is still trading below the 50-day and 100-day exponential moving average (EMA). So a rejuvenated buying pressure would force the price to hit the 50-day exponential moving average before testing the psychological $0.50 mark.

On the other hand, a decline in bearish momentum would cause the coin to continue in a steady decline or downtrend. Should XRP fall below the low of the current session, it would test Friday’s low at $0.40.

Technical indicators

Moving Average Convergence Divergence: The MACD is trading below the midline with steadily growing bullish momentum. Relative Strength Index: The RSI hovers close to the mean line, with no indicated directional bias.

A briefing on Ripple?

Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and payment gateway. The Ripple crypto project, created by the Ripple Labs, allows users to facilitate payments, cryptocurrency lending and other financial platforms. While Ripple enables global payments, the XRP token allows users to switch between cryptocurrencies.

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Notably, Ripple was founded in 2012 by Chris Larsen along with Jed McCaleb. Four years later, the company bought BitLicense from New York State to increase the integrity of its XRP token. However, after the global cryptocurrency crackdown, Ripple fell by more than 21% and struggled within that zone for a long time.

Featured image of Pexels, chart from TradingView.com

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