XRP has not reached a recovery level, which means that a decline remains the most possible scenario.
The weekend started with the growth of the cryptocurrency market, as all 10 major currencies are green. Polkadot (DOT) is the biggest winner, increasing by almost 7%.
The appreciation of cryptocurrencies positively affected market capitalization, increasing by US $ 4 billion, which together reached the US $ 362 billion mark.
Below are the relevant data for XRP:
- Name: XRP
- Ticker: XRP
- Market capitalization: US $ 12,278,495,104
- Price: $ 0.272887
- Volume (24H): $ 1,112,629,296
- Change (24h): 1.57%
Is there enough strength to return to $ 0.30?
XRP has the best performance among the first three cryptocurrencies. The price of the third cryptocurrency by market value has risen 1.57% since yesterday, while compared to last week it has devalued 2.80%.
Looking at the hourly period, XRP is facing a slight correction after a false breakout at the $ 0.2760 mark. The decline may not be over yet; however, a new test of the nearest support zone is possible. This is confirmed by the low sales volume, which shows a weakness of the salespeople. In this specific case, a short-term increase may last at the $ 0.2743 mark.
Looking at the big picture, the situation is not so positive. Trading volume is declining and XRP is trading on a decreasing channel. Apart from this analysis, liquidity is low, which means that bulls are unable to make a reversal.
That is why the most likely price for XRP is a continuous drop to its support level at $ 0.2690 soon.
Looking at the daily time period, bears are more powerful than bulls. XRP has not reached a recovery level, which means that a decline remains the most possible scenario. The volume is also decreasing slightly, as buyers are not willing to move the needle at the current price. To summarize, bears can continue to push the rate down until it reaches the $ 0.25 level.
So far, the XRP was trading at $ 0.2720.