The ongoing sentiment in the crypto market was quite muffled as coins like XRP, Binance Coin [BNB], and the rest in the top five were slumping. The five coins in the top ten were, however, bagging significant gains.
XRP, despite enduring a drastic drop, managed to climb back up. Ripple’s fallout with the SEC almost had the community preparing for XRP’s journey to zero. However, XRP was seen moving towards achieving its three-year-old all-time high of $3.84. Last night wasn’t very favorable for the altcoin as its journey to $2 was interrupted by the bears. At the time of writing, the altcoin was trading for $1.59 with a price drop of 2.87% in the last 24-hours.
The market cap of the altcoin had also witnessed a dainty slump, but the asset managed to retain itself in the top five. During press time, the market cap of the altcoin was noted at $72 billion. The altcoin was recently defeated by Dogecoin [DOGE] as the meme coin took over the fourth position.
XRP One-Hour Price Chart On Binance
The short-term price chart of XRP was critical as the bears were making their way into its market. The Parabolic SAR indicator formed a long string of dotted lines over the candlesticks, insinuating a bear market as this line acted as resistance, further limiting the chances of an upward breakout. The MACD indicator was in a bearish crossover; however, a trend reversal was possible because the MACD line was trying to cross the signal line.
A lot of XRP traders were seen selling their holdings as the Money Flow Index noted significant selling activity in the market.
Despite this bearish momentum in the altcoin’s market, the community remained positive and suggested that the coin had the potentials of reaching $5. The court’s recent verdict with regard to the Ripple vs SEC could have influenced this sentiment.