The Currency Analytics
By Steven Anderson
XRP’s Vulnerability to Heavy Decline
How Can XRP Regain A Strong Rise?
Not only does the sales of XRP declined by 80% in Q4, but it also displays a potential decline.
A few days ago, many folks in the crypto space anticipate whether or not XRP could close above the $0.2400 resistance level.
However, XRP just recently failed to close the resistance level of $0.2400 over the US Dollar.
As of now, the price of the crypto asset is declining. So, this might suggest a further drop.
Based on the 1-hour MACD for XRP/USD pair, a gradual movement in the bearish has been witnessed, while the 1-hour Relative Index currently declines and remains below the 50 levels.
At the time of writing, the XRP’s major supports levels remain at $0.2300, $0.2240, and $0.2200. As for the major resistance levels, the crypto rests at $0.2350, $2380, and $0.
Based on the current performance of XRP, if the struggle to close near the $0.2380 and $0.2400 continues, then it will result to a larger decline.
In the case that the speculation happened to be true, the price of XRP will continue to drop below $0.2150. Besides, there’s a big chance that it will test the support zone of $0.
Globally, XRP’s trading volumes collapsed slightly at $17,24 billion in Q4 compared to the previous quarter’s $18.23.
Some folks in the cryptocurrency market hope that the news will not directly affect the XRP’s market performances, especially that it faces a strong vulnerability to decline.
Despite the recent recovery above the resistance levels of $0.2320 and $2350 over USD and the price close above the resistance level of $2400, it failed to gain strength above…
Furthermore, the XRP formed a high close to the $0.2415 level while the price resulted to a downward action. Then, the crypto broke the regions of $0.2380 and $2350.
The bulls are now facing a number of hurdles close to the $0.2380 and $0.2400 levels. Besides, based on the 1-hour XRP/USD chart, the bearish trend line defends the upsides with…