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:
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.
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.