Ripple XRP falls below $0.43 with the bears taking control of the market after a huge slump in the past week. The price managed to regain its stance in the long run but the bulls are moving the bears in the current market momentum so let’s read more today in our latest Ripple news.
Last week was not a good trading week for the Ripple consumers as the XRP token recorded a huge 42% drop and the week closed below $0.4255. the entire week had the token’s price following the huge bearish trend and dropping to $0.4018 before climbing back to $0.4123 terminating there for the week. Most indicators were engrossed in the oversold zone which implied the possibility of a temporary uptrend. The token’s price has to create a higher low and a higher high to validate the momentum which also means that the bulls have to push XRP’s price to $0.65 before launching a new bullish trend.
Due to the huge decline, one can expect the XRP token to record a new bullish momentum but on the other hand, we can expect it t obe in the short term because of the current market structure. The technical oscillator’s value shows that the token tested all of the lows in the hourly, daily, and weekly charts. The Ripple XRP falls below the 50-day and the 100-day Exponential Moving Average and it is a rejuvenated buying pressure that will force the price to hit the 50-day exponential moving average before testing the $0.50 mark.
On the other hand, the drop in bearish momentum could cause the coin to continue in a new decline or downtrend and if XRP breaks below the current session low value it will test the Friday low of $0.40. The MACD traded below the midline with a steadily growing bullish momentum while the RSI hovers close to the average lien and had no stated directional bias. Ripple is an innovative proejct whcih functions like most other cryptocurrencies and is a payment gateway. It was created by Ripple Labs and allows users to facilitate payments, crypto lending, and other financial platforms. While ripple enables worldwide payments, the XRP token allows swapping between crypto.
Ripple was established back in 2012 by Chris Larsen and Jed McCaleb. Four years after then, the company bought BitLicense from New York State to increase the XRP integrity but after the crypto crackdown, Ripple dropped by over 21% and struggled in the zone for a longer time.
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