Just when yesterday XRP was having an upper swing, analysts believed it to be the beginning of a moderate price rally. However, today after midday, all the major coins and altcoins of the market have been ripped off their yesterday’s gains and are now trading in the red. After facing the blow in the lowest swing at $0.274, XRP tried consolidating but is unable to move and at the time of penning down, the coin was trading at $0.288.
Ripple Price Analysis:
Analyzing the above chart, we see that the coin has slid by over 12% from the major resistance, then at $0.314, hitting the major support at $0.29 and dropping down to $0.274. The coin disappointed its investors after soaring above $0.30 and consolidating prices to fetch gains. While approaching the downside, XRP price faced a lot of supports that were built then, around $0.30 and $0.29 technically. All the short-term averages currently hover around $0.29 price area and the current trading price of Ripple is even below it, which shows the bearish trendline forming.
Technical Analysis:
The MACD of XRP is running bearishly below zero as the coin as now grounded support from the short term simple moving averages.
The RSI is also touching 30 and even below as it welcomes the selling pressure to a massive extent.
