The digital asset industry’s rollercoaster mid-week movement aligned with the predictions of a lot of investors after their price capitulation calls. Almost all the cryptocurrencies on the chart suffered bear attacks that resulted in the formation of new immediate supports. Ripple’s XRP was one of the assets undergoing a price shift as weekly gains enabled it to stay afloat.
XRP’s previous 7-day performance was a key factor in establishing the cryptocurrencies’ dominance in the face of the bear. Although the sixth-largest cryptocurrency recorded a 7 percent hourly dip, its market cap held above the $50 billion marks at $51.355 billion. The cryptocurrency was trading for $1.11 as the daily trading volume fell to $7.52 billion. One positive for XRP fans was the fact that the fully diluted market cap had gone up by 7 percent in the same time period.
XRP 1 hour:
In the short term, XRP’s selling pressure increased ever sop slightly. The aforementioned indicators all sided with the bear as the cryptocurrency’s price settled since its climb on the 11th. According to the Bollinger bands, XRP was in for a bearish downturn that may see its support slip to just below $1. The fall can be broken once more capital enters the market.
XRP’s RSI fell to its lowest since the start of this month. Regulatory tussles and price capitulations may be the main reason for the slump in the XRP buying scene. Only the Chaikin Money Flow lent a positive spin to the price action after climbing above the zero line today. This meant that capital coming into the market was more than the outflow.
XRP 1 day:
XRP’s positive price action since June seems to have been cut short this week. With the Bollinger bands opening its maw, fans of the cryptocurrency kept their fingers crossed for a bullish breakout. Even though XRP escaped the bear trap formed in April, it needs to remain wary of new support breaks.
After having stayed above the overbought threshold for a good part of a week, the indicator fell back into the RSI zone. This was a positive sign for XRP as it meant more users were HODLing their tokens rather than selling them. XRp’s CMF skirted on the zero line as the indicator dipped hard for the first time since July 20. Ripple’s new announcements could lend a hand to XRP and boost its stock in the crypto market, thereby bringing in more capital to the XRP ecosystem.