XRP along with the rest of the cryptocurrency market started off on a choppy note as the collective market cap fell to $2.28 trillion. The crypto-assets weekly losses extended to nearly 20% after the recent downside after hints of resurgence on the price charts halted.
XRP fell through a major support level and indicated a severe bearish pressure in tandem with the overall market structure.
Over the past 24-hours, XRP depreciated by 9.39% driving its price down to $1.35. At the time of writing, the crypto-asset held a market cap of $47.02 billion while recording a 24-hour trading volume of $11.27 billion.
XRP Daily Price Chart:
XRP’s daily chart currently indicated a closing green candle depicting the traders buying the abrupt dip which has caused its price to regain some of the lost momentum. The moving average, 50 DMA [Pink] attempted to close above the price candle, if materialized, could resist an upward breakout in the coming days. This was indicative of rising bearishness in the coin market. The 100 DMA [Blue], on the other hand, continued to hover well below the 50 DMA as well as the candlestick arrangement.
The volume also crumbled as price went down.
The red closing bars of Awesome Oscillator has been on a steady decline since the beginning of May which could point that the ongoing bearish momentum was losing steam.
The Chaikin Money Flow also dropped and has been struggling to hold its fort above the zero-line depicting a reduction in terms of capital inflow into the coin market.
The RSI also fell below the 50-median line in response to the market-wide rout suggesting a sentiment of increasing sell-pressure among the traders in the market.
XRP would need to move back through the $1.48 pivot to bring the first major resistance level at $1.64 into play. Another resistance level was found to be at the recently hit multi-year high of $1.83.
The support points, on the other hand, continued to cushion the cryptocurrency at $1.02 and $0.84 respectively.