Ripple Price Analysis: XRP Breaks Down, Will $0.42 Be Intact?

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Yesterday, Ripple had surged above $0.49 gearing up the crypto market for the next surge near $0.5. However, instead of taking a bullish uptrend, XRP price saw quite a few price drops after that.

The price trend of XRP has notably shifted down, as currently, it is struggling to hold onto its critical support prices. XRP price also seems to be affected by the recent hack incident in which a Singaporean cryptocurrency exchange Bitrue has lost 9.3 million XRP along with 2.5 million Cardano (ADA). 

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Current Statistics:

At 11:29:51 UTC, XRP was trading at $0.4275 while trying to strike a strong rebound. Ripple holds $18,340,925,081 as its Market Capitalization while having Circulating Supply of 42,566,596,173 XRP. Ripple coin fetches RoI (Return on Investment) of 7,235.51%.

XRP 4-Hour Price Chart

XRP-4-hour-price-chart

 

Comparison:

At 7:30 UTC, XRP was trading at $0.43 from where it tumbled to $0.41, breaking its major support level at $0.42 while tracing an impulse pattern. From $0.41, XRP price has gradually recovered to $0.4275 with an increase of 3.95%. XRP is yet to break through the narrow price range near $0.42. 

Also, it is to be noted that the current price of XRP is even below its 20 day SMA of $0.4292. The recent price slump in XRP price trend has tapped on the ‘SELL’ momentum for the crypto coin. Moreover, the MACD chart for XRP currently appears moderately volatile while hinting at the upcoming price increase, as the MACD line has just moved above the signal line.

Conclusion:

If Ripple continues its rebound, it may see one of its resistance level at $0.4792. Though it may see support level at $0.40, if the price sees a further loss. 

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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