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You are here: Home / News / Altcoin News / XRP reverses its trajectory slashing ~8% as the market sheds billions
XRP reverses its trajectory slashing ~8% as market sheds billions

XRP reverses its trajectory slashing ~8% as the market sheds billions

July 9, 2021 by Chayanika Deka

XRP and the rest of the cryptocurrency market took a major tumble falling below crucial support levels. The entire cumulative market cap lost a hundred billion dollars. XRP was in the deep red zone as its weekly losses amplified to 6.58% due to the biggest market correction of Q3 2021.

The crypto market valuation dumped to a daily low of $1.38 trillion.

XRP has been one of the strongest performers lately. However, over the past 24-hours, it depreciated by 7.52% and was currently priced at $0.621. At the time of writing, the crypto-asset registered a market cap of $28,70 billion and a 24-hour trading volume of $2.31 billion.

XRP Daily Price Chart:

XRP
XRP reverses its trajectory slashing ~8% as the market sheds billions 4

XRP’s recovery failed to decisively overcome the nearest resistance level as the bears stepped up. In a matter of hours, selling intensified the downward pressure and the digital asset took reversal. The candles declined further from the moving averages that hovered above them.

The 50 DMA [Pink] sustained a bearish crossover with the 100 DMA [Blue] in the third week of June following which the token tested a key support area. According to the above chart, a death cross appears to be inevitable, which could signal a massive retreat in the near term.

The low volume could further catalyze the downtrend in the coin market.

XRP2
XRP reverses its trajectory slashing ~8% as the market sheds billions 5

The dotted markers of the Parabolic SAR settled below XRP price candles despite the tumble. However, the Klinger Oscillator [KO] appeared to be at the cusp of a bearish crossover as the coin shed all of its weekly gains. The Relative Strength Index [RSI], on the other hand, turned down from the 50-median line and was moving towards the oversold conditions.

The above charts depicted a bearish phase for the coin that might not stop anytime soon. Hence, the crypto-asset could potentially revisit the $0.544 support area which if breached could propel a drop to $0.40, and $0.24 subsequently.

Contrarily, the resistance levels for XRP were found to be at $0.73, $ 0.81, and $1.06 respectively

Filed Under: Altcoin News, News Tagged With: Ripple (XRP), xrp

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