- The cryptocurrency market plunged massively with most of the major digital assets recording double-digit losses.
- The most likely course of action for XRP is to trade sideways as it establishes strong support at $0.3300.
Ripple bulls are licking their wounds after an extreme battering from the bears since yesterday. The cryptocurrency market plunged massively with most of the major digital assets recording double-digit losses in just a few hours. Ripple is down 7.7% with a relative change of -0.028 on the day according to the intraday live rates.
Before the declines took over, Ripple’s upside had been capped at $0.41 but it was enjoying strong support at $0.39. Besides, $0.38 had prevented a further breakdown during the lower correction in the first week of July. The increasing volatility and selling pressure saw the price plummet below the above support areas as well as $0.35 and $0.33 zones.
Fortunately, $0.32 turned out to be a credible support area barricading the downside. There has been a shallow recovery from the support, however, acute selling pressure still hovers around. XRP/USD is trading at $0.3316 while battling to establish support at $0.3300. The technicals are still negative with the Relative Strength Index (RSI) still buried in the oversold and the Moving Average Convergence Divergence (MACD) still slopping downwards inside the negative territory.
For now, the most likely course of action for XRP is to trade sideways as it establishes strong support at $0.3300 which will allow for a reversal in the coming sessions.
XRP/USD 1-h chart