Ripple XRP was down 3.45% Today at 4:52 AM UTCTC , traded at $ 0.6286 with a trading volume of $ 1,770,624,452, and its market cap is at $ 29,030,014,025 making it the sixth largest cryptocurrency.
Since June 21st, XRP has been in a consolidation phase, although sellers seem to outweigh buyers but are gradually declining.
The 4-hour XRP / US dollar chart on the Bitstamp exchange shows the presence of the CAH (Cup and Handle) formation, which signals that the Ripple cryptocurrency is in a correction phase (trend continuation) as the sellers slowly seem to be gaining the majority. The presence of three black crows (3 BC) confirms the continuation of the downward trend. However, the downtrends appear to be weak, as evidenced by the short candle bodies and the Doji candle pattern, which indicates a relative strength ratio. Both sellers and buyers try to steer the price in a certain direction.
Ripple appeared to have formed a death cross, as the 50-day moving average below the 200-day moving average shows. This signals the presence of a bear market, which is further confirmed by the MACD lines moving below 0, although the convergence of two lines signals a weak downtrend as buyers attempt to push prices higher.
On July 9th, it was believed that Ripple would form a pennant pattern and therefore could regain an uptrend and trade at the 0.6447 level. But his hopes were dashed again a few days ago when the cryptocurrency lost its value and is currently trading at $ 0.62.
In the meantime, crypto has been left untouched by recent events, which has consolidated the price well. As of early 2021, XRP has been valued at around $ 0.22, and after a few months, the price climbed to an all-time high of $ 1.84 on April 16. On May 19th, the entire crypto market crashed, wiping out the value of XRP by half. However, Ripple price has continued to fall since then as the value of all crypto tokens has not recovered from the recent crash.
Although the price of XRP was negatively affected by the ongoing legal battle with the US SEC and the resulting delisting by several exchanges, the cryptocurrency Ripple has not yet disappeared.
Crypto has emerged as one of the most promising investments this year. not how Bitcoin, Ether and other large crypto tokens, XRP does not self-market itself with its decentralization. Instead, Ripple is closely associated with many banks, investment firms and organizations worldwide, and its influences from outside companies have been its greatest success.
While the ongoing litigation and current regulatory concerns of the crypto market make it difficult to predict the value of XRP, the Ripple cryptocurrency is likely to consolidate its price around the $ 0.65 resistance zone and the $ 0.60 support zone.
The bear market can void if buyers manage to overwhelm sellers and drive the price up.
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