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You are here: Home / News / Altcoin News / XRP attempts fresh breakout above $0.6 after dramatic fall
XRP Attempts Fresh Breakout Above $0.6 After Dramatic Fall

XRP attempts fresh breakout above $0.6 after dramatic fall

June 23, 2021 by Chayanika Deka

The latest drawdown has been damaging for many cryptocurrencies. But XRP reclaimed the sixth spot by market cap displacing Dogecoin [DOGE] along the way. Despite this, the former fell to levels not seen the first week of April and extended its weekly losses to 26.17%.

As the combined valuation of the market recuperated above $1.36 trillion, XRP flashed a green candle as well even as selling pressure continued to dominate.

Over the past 24-hours, XRP was up by 9.66% which pushed the price to $0.637. At the time of writing, the digital asset recorded a market cap of $29.4 billion and a 24-hour trading volume of $5.57 billion.

XRP Daily Price Chart:

XRP1
XRP attempts fresh breakout above $0.6 after dramatic fall 4

The downtrend saw the price of XRP fell to an almost three-month low beaching reaching critical support levels. As a result, the three moving averages strengthened its position above the candlestick arrangement, the 200 DMA [Yellow] being the latest one to head over and diffuse any upward attempt. The 50 DMA [Pink] is at the cusp of sustaining a bearish crossover with the 100 DMA [Blue].

The volume, on the hand, noted a mild uptick which could aid in boosting the price.

XRP 1
XRP attempts fresh breakout above $0.6 after dramatic fall 5

The capital outflows for the coin have intensified which has pulled further down the bearish hole, according to the Chaikin Money Flow [CMF]. The red closing bars of Awesome Oscillator also depicted prominent bearish momentum in the coin market. The buying sentiment of the asset saw a slight hike as the RSI indicator noted a tiny uptick after bouncing for oversold conditions.

XRP joined the list of other major cryptocurrencies, suffered the brunt of the correction. If the price rebounds off $0.728, the bulls might next target $1.05. Following a successful breach, the crypto-asset could finally aim for the 2021 highs of $1.59 and $1.84, respectively.

However, a positive outcome appears highly unlikely, hence bears might attempt to sink the price to nearest support levels of $0.54, $0.42, and $0.248 respectively.

Filed Under: Altcoin News, News Tagged With: xrp

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