XRP Struggles at $0.37, While the Bitcoin Hangs on to $16k.
Despite Bitcoin’s continued bearish movement, Ripple’s XRP continues to impress.
Starting with a rather good indicator, Bitcoin has been sustaining $16k mark for the 7th day in a row now. However, the premier cryptocurrency fails to capitalise on the strong support. Over the past week, Bitcoin has gained value by 1.1% only. Another thing to note here is that for Bitcoin the last 4 days have all been red ones.
In the week, going upwards from the November 22nd low of $15.6k, Bitcoin has only been able to go as high as $16.7k.
Ripple’s native XRP, on the other hand, is performing satisfactorily. In the week, the coin has gained value by 8.6%, despite the loss of 6.5% XRP has suffered in the meantime. XRP was below $0.35, on November 21st, and has been trading above the critical support level since then. The highest price XRP reached during the week is $0.41.
Looking at the broader picture, while the Bitcoin has lost value by 20% during the past 30-days, XRP has gone down by 18%.
As for the technicals, this past week, ripple price saw a bearish reaction from the $0.4180 zone against the US Dollar. The XRP/USD pair declined below the $0.4050 support zone to move into a short-term bearish zone.
Further, while MACD, 4-hours, is gaining momentum in the bearish zone, XRP’s RSI remains below 50. Currently trading at $0.37, the key support levels for XRP are $0.37, $0.35, and $0.33. Besides the resistance will be faced at $0.40 and $0.41.
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