XRP’s Bond With The Bears Could Push The Altcoin Below $0.40

While almost all the assets surged to new highs during the latest crypto rally, XRP was probably the only cryptocurrency to have bagged the least amount of gains. Ripple squabble with the SEC was one of the primary reasons behind the destruction of the altcoin. As soon as the SEC went public with its lawsuit against Ripple for the trading of “unregistered securities” an array of crypto platforms dropped support for the asset.

The XRP community has been rooting for the asset to hit $1 for the longest time, however, the altcoin hasn’t made it past $0.74. At the time of writing, the altcoin was trading for $0.4768 with a 3.09% drop in the last 24-hours. The asset even incurred a loss of over 13% in the last seven days.

The altcoin witnessed a drop even in terms of market cap. The altcoin was dwelling as the fourth largest crypto for quite a while. However, currently, the asset sits as the seventh-largest coin with a market cap of $21.54 billion.

XRP One-Hour Price Chart On Binance

The short-term price chart of XRP was harboring both, the bears and the bulls. The Chaikin Money Flow indicator was rising over zero after its one-day stay below it. This is considered bullish and had restored some hopes for the altcoin. The Awesome Oscillator indicator was siding the bears as it formed red closing bars. The Money Flow Index that there was minimal buying or selling activity in the altcoin’s market.

XRP One-Day Price Chart On Binance

The one-day price chart of XRP revealed that the bears were intact in the market. The Parabolic SAR indicator has formed a line of resistance over the candlesticks which restricted any upward flow of the altcoin. The signal line took over the MACD line earlier this month and this trend persisted throughout the month. The Relative Strength Index indicator announced that a sellers’ sentiment had struck the XRP market.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism