Are there reversal patterns in the XRP charts?
After today’s huge drop in the cryptocurrency market, a short side trend has started and XRP is following this trend. However, all 10 major currencies remain in the red zone.
In terms of weekly analysis, XRP has lost almost half its price.
The relevant data for the XRP are below:
- Market capitalization: $ 7 006 381 659
- Price: $ 0.159897
- Volume (24h): $ 2,886 176,419
- Changeover (24h): -26.33%
What is the new support for Ripple’s currency?
XRP fell less compared to Bitcoin (BTC) and Ethereum (ETH). The drop was 24.82% on the last day.
XRP is over-sold on the hourly chart, as well as at other time periods. We can expect the short-term forecast to be a sideways trend, as there are no efforts by sellers to lower the price or the strength of enthusiasts to initiate a correction.
In that case, the XRP can be expected to trade between $ 0.16 and $ 0.15 in the next few days.
On the daily chart, a bearish climate has become even more visible. The MA 50 and MA 100 are falling and there are no signs of a trend reversal. In that sense, a more likely price projection is a $ 0.12 decline to the next major zone.
Ripple’s cryptocurrency is currently trading at $ 0.1601 at the moment.