The markets are back on a downward trajectory after the market leader Bitcoin reversed its weekend gains and heads towards forming a new 2018 low. Ripple’s XRP is also on a downward trajectory as it dropped below the key $0.3 level.
Price is currently trading around $0.29 and is likely to drop further from here with $0.3 expected to come into play as resistance. The 2018 low for XRP is around $0.25, and it is a strong possibility that XRP will drop to this point on the next significant downward movement.
The bullish market movements over the weekend have formed a lower high, and the current drop we are seeing will likely extend to a lower low in most altcoins. This has already taken place in XRP with the momentum strongly on the side of sellers. Both the MACD and RSI continue to decrease reflecting the strong seller momentum.
The hourly chart shows in closer detail how $0.3 acts as an important level for XRP. The level held as support on numerous occasions as the price dropped but finally broke below yesterday. It is now likely a case of support turned resistance as the attempt for the price to rise back above reversed quickly.
- Market leader Bitcoin reverses weekend gains and puts the altcoin market on a trajectory towards forming lower lows.
- XRP has already formed a lower low and seems likely to move even lower with momentum being on the side of sellers. Both the RSI and MACD decrease reflecting the strong seller momentum.
- $0.3 is an important level for XRP acting as support on the price decrease. It has not likely turned into an important area of resistance with price quickly dropping back below on the last move above this point.
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XRP Analysis: Price Drops Briefly Below $0.3, Will it Continue Lower? was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.