Following a massive decrease in the previous week, Ripple (XRP) has plunged below $0.43, with bears now hovering the market.
Though the price appears to have strengthened in recent days, bulls look to have pushed bears to their present market movement. Ripple traders and investors have had a tough day in the last week, as XRP fell 42% trading towards $0.4255.
The whole crypto market was in a negative swing that saw the price drop to $0.4018 before regaining momentum and ending the week at $0.4123. This suggests an oversold token with the possibility of a rebound.
XRP To Return Towards A Positive Trend ?
On the other hand the token price is yet to witness a higher low and higher high to verify the created moment, implying that bulls will need to push the price of XRP to $0.65 before a new bullish trend can begin.
As time passes, XRP is predicted to return to a positive trend. The positive run, however, might be short-lived due to the present market condition. The value of the technical oscillator indicates that the token has ticked off the lows on the charts (hourly, daily, and weekly).
Both the 50-day and 100-day Exponential Moving Averages are just below it. An increase in purchasing demand might push the price higher, aiming for the 50-day exponential moving average even before it reaches the $0.50 threshold.
How Is The Ripple Price Affecting The Market ?
In certain cases, a decrease in XRP signaling a negative shift might prompt the coin to continue down a new slump. If XRP breaks below the current level, it will test the $0.40 low.
While every cryptocurrency aspires to be decentralized, Ripple controls 100% of XRP and wants to be the asset that attracts the adoption phase. Ripple is a cryptocurrency that also serves as a payment channel.
It was Chris Larsen and Jed McCaleb who came up with the idea for Ripple. The business purchased BitLicense from New York four years after its inception to ensure that XRP stays stable despite the volatility.
However, due to cryptocurrency volatility, Ripple has dropped to 21% and is still battling to catch up.
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Source: https://coinpedia.org/price-analysis/xrp-price-drops-below-0-40-whats-next-for-xrp-usdt/