With Bitcoin plummeting to a low of $36K, altcoins like XRP, Binance Coin [BNB], as well as Polkadot [DOT] followed suit. Almost every altcoin was seen losing all the gains acquired through the last couple of months. Additionally, the market cap of the crypto-verse witnessed a drastic fall from $2 trillion to $1.53 trillion, during press time.
XRP managed to rise over the $1 mark despite Ripple’s tiff with the SEC. The dismissal of the altcoin from several exchanges caused it to drop to a low of $0.19. This, however, didn’t last too long as it recovered from this downfall and went all the way up to $1.96. At the time of writing, following the footsteps of every others coin, XRP was trading for $0.92 with an 18.74% slump over the last 24-hours.
The market cap of the coin was $41.70 billion. This number put the coin in the seventh-place below Dogecoin [DOGE].
XRP one-day price chart on Binance
Looks like XRP’s stay below $1 would persist as the bears in its market remain intact. All the indicators used in the one-day price chart of XRP were inclining towards the bear. The Chaikin Money Flow [CMF] indicator manifested bearishness as the CMF marker was sliding below the zero median. The MACD indicator mirrored this sentiment. The signal line managed to retain itself above the MACD line since the beginning of May. This bearish crossover seemed to be prolonging.
Furthermore, the Awesome Oscillator indicator, with red closing bars, announced the presence of the bears in the altcoin’s market.
There was no major buying activity in the altcoin’s one-day price chart. On one hand, the Relative Strength Index indicator was seen heading towards the oversold zone. On the other hand, the Money Flow Index indicator noted a sellers’ market
With all the signs pointing at the bears, XRP’s journey back above $1 could take longer than expected or even disrupted.