XRP followed the suit with damaging corrections that pushed the crypto-asset to the 7th spot by market cap on the leaderboard. The cryptocurrency market, in general, declined by 15.10% over the past day.
Several top cryptocurrencies tumbled following the market-wide correction. XRP, for one, reached lows last seen at the beginning of the month, as it slashed massive gains along the way.
Over the last 24-hours, XRP was down by 20% which drove its price to $0.464. At the time of writing, the crypto-asset recorded a market cap of $20.58 billion and 24-hour trading of $16.62 billion.
XRP Daily Chart:
XRP consolidated between the range of $0.585 and $0.512 before taking a plunge to its press time price. The moving averages were also observed to be affected by the abrupt downfall.
The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] was still rising steadily after undergoing the golden cross on the 12th of Feb which was positive for the coin.
However, the 100 DMA [Blue] continued to dominate both the moving averages depicting the bearish pressure in the market.
To top that, the 100 DMA and the 50 DMA touched the wick of the closing candle and depicting the bears have control of the market.
Even as the crypto-asset fell significantly, the Chaikin Money Flow [CMF] remained above zero in the bullish territory signifying inflow of capital into the coin market. This could potentially facilitate XRP’s price to climb higher.
The MACD, on the other hand, extended its fall after the bearish crossover to the negative side depicting a weak bearish pressure.
The RSI also tumbled below the 50-median line nearly a month later which demonstrated a rising sell pressure in the coin market.
XRP had earlier faced difficulty in sustaining its price level of $0.5 which, if breached, could aid the crypto-asset to target major resistance areas close to $0.0.63 and $0.69 respectively.
Besides, the coin found firm support from the DMAs at points $0.42, $0.39 and $0.34.