It has now been 10 days that Ripple’s native is trading below $0.36. The last time XRP traded above $0.36 was on December 15th. Since then the mentioned price mark has been acting as a strong resistance point.
The overall market environment is the main reason that XRP has remained stagnant during the past couple of weeks. The flagship cryptocurrency Bitcoin, similar to XRP, has been stuck below $17k, since Dec 15th.
The bears are in full control as Bitcoin’s value has changed by only +2.1% in the past 30-days. Particularly since December 15th, Bitcoin has actually lost value by 5.3%.
Hours ago the premier cryptocurrency just fell short of breaking through $17k as the coin hit $16.9k for the first time in 3 days. If the market has to see a slight relief, Bitcoin must break through the $17k resistance mark.
If Bitcoin is able to surpass $17k, it may then go on to cross $18k within the next 72-hours. Whereas if the coin breaches $16.3k support level, it may cause a further decline below $16k.
As for the XRP, as mentioned above, the coin is facing strong resistance at $0.36. In comparison to Bitcoin’s 2.1% gain, the XRP has lost value by 13.9% in the meantime. Particularly, since December 16th, the day XRP lost $0.36, the coin has gone down by 7.1%.
Currently trading at $0.35, XRP is up 1.1% in the day and 2.3% over the week.
It is rather obvious that XRP will certainly go upwards as Bitcoin surpasses $17k. Notably, Bitcoin’s $17.5k would mean $0.40 for XRP. However, a breach below $16.3k would cause XRP to dip down to $0.32.
As for the technicals, XRP’s 4-hours MACD is now gaining momentum in the bearish zone, as the coin’s RSI remains below 50. Further, XRP is also trading below 4-hours 55 simple moving average.
CHZ Experiences 30% Growth with Release of Improved Technology (Chain 2.0)
Ripple May Assist Britain Gets the CBDC, Paper Released by the Bank of England
Ripple CTO Rejects XRP BuyBack Proposal as the Executive Calls the Idea a Scam
Ripple’s Legal Battle with SEC: February 6, 2023 Update
Ripple CTO and Self-proclaimed Satoshi Nakamoto Re-engages in a Heating Argument that the SEC Lawsuit is Nonsensical
Recent Press Release
5 Crypto Platforms That Pay You To Enhance Your Crypto Knowledge
The cryptocurrency market is growing at breakneck speed and so is the demand for knowledgeable crypto enthusiasts. With cryptocurrencies being...
The Beginners Guide to Bitcoin Buyer : What You Need to
Bitcoin is a decentralized digital currency. It is a form of digital asset that can be exchanged between individuals in...
Bitcoin and AI: 4 Benefits that Will Change the Economic World
There are essentially two key technological shifts that you just cannot overlook. The foremost is the renaissance of AI techniques,...
Listing Down the Top 5 Benefits of Trading With AI
“What fire was to the cavemen, AI is to commerce.” That is how one business stakeholder characterized how a technological...
Crucial Trading: Pool Of Luxurious Floor Coverings
David and Jannet Green from London took the foundation of Crucial Trading in 1986, a house of quality full carpets...