Positioned in the top 7 in market share according to CoinMarketCap, XRP now has a previous day trading volume of $1,521,572,443.58 and a decrease in price by 4.6%.
XRP/USDT 1-Hour Chart (Source : TradingView)
By trading below the 200 MA, the hourly chart of XRP/USDT reveals a very bearish market sentiment. A bearish order block was formed at $0.3410 when market makers began selling XRP and have not entirely filled their positions ever since.
RSI can be used as an additional tool for measuring market volatility: the current RSI value for XRP/USDT stands at 40.63 RSI. A value below 50 means that the market is favoring the sellers at the moment. Moreover, the Average Directional Index (ADX) indicates that XRP price action is highly volatile.
XRP/USDT 1-Hour Chart (Source : TradingView)
Looking at the 1-hour chart of XRP/USDT, Ripple is forming a bull flag inside the sideway market. As a continuation pattern, we can expect that the bull flag will assist the buyers to push the price movement upward. But we have to consider the fact that XRP is now below 200 MA.
Breakouts, significant market movement, and support and resistance areas are optimal trading environments for the bull flag pattern. A greater risk-to-reward ratio can be achieved by waiting for a few market confirmations before entering the trade.
If XRP breaks the bull flag’s upper trendline and rises higher, it can reach around the resistance area of $0.3600. If, on the other hand, the price breaches the lower trendline, the price can plummet to the support area of $0.3000.
According to CoinMarketCap, XRP’s trading volume jumped down as much as 2.49% in just 24 hours, suggesting that the cryptocurrency has lost a few of its supporters during the bear market. XRP’s current price of $0.3287 represents a fall of 2.49% over the last 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Ripple (XRP) Shows More Chance to Plummet With 2.49% Decrease appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
