Alert Traders! XRP Up For Another Price Crunch, Here Is Why


The crypto market is currently on a bumpy ride as Bitcoin, the first born currency, has once again lost its $20,000 level. In the early hours today, September 29, Bitcoin had managed to surge from $18.5k to $19.8k before plunging. Currently, Bitcoin is trading at $19,255 with a drop of 1.56% in the last 24hrs.

The same is with XRP as the currency has flashed too much volatility in the recent days. In the last 30 days the currency has lost nearly 20%. Though there is significant rise in XRP’s trading volume, the network faced lack of funds and support from its traders and investors, hence the decline.

XRP Price Below $0.42

Meanwhile, the 4-hour chart suggests a bearish trend and on the other hand at the start of this week XRP made a lower high of $0.5 and dropped nearly $0.47 area. XRP had two short-term key areas at $0.456 and $0.437, but the currency decided to turn the above area as resistance and dropped. Also though RSI marked above 50, there wasn’t any bullish trend indicated.

At the time of writing, XRP is changing hands at $0.432 with a slight surge of 0.15% over the last 24hrs.

When the funding rates are considered, Binance, one of the largest crypto exchanges, had a negative funding rate for XRP in the last seven days, as per Santiment data.

Hence, with these negative factors, it appears that XRP is up for another downward movement where altcoin might find its trade below its immediate support at $0.42.

Was this writing helpful?

Source link

Related Articles