Advertisement

The majority of the cryptocurrency market is showing losses today as prices undergo a retracement. The market leader Bitcoin has slightly retraced from its recent highs, but many altcoins are showing steeper losses.

Ripple’s XRP is one altcoin which has been underperforming the market leader in the last few days. XRP has depreciated around 9% from its Nov 6 high. This was preceded by a movement which saw the coin appreciate over 20% from $0.45 to a high around $0.56. The volume on the movements which brought price up to this high was far larger than the recent volume we have been seeing on the retracement. This could show there is little strength behind the drop and a return to price rises being likely.

Advertisement

Price is also approaching the 200 EMA and the $0.49 price level which could both act as support. The MACD is also continuing to diverge to the upside showing the longer-term momentum is largely still with the buyers.

XRP Daily Chart – Source: Tradingview.com

The hourly chart shows the shorter-term momentum has shifted to the sellers. RSI has been forming lower lows and lower highs and the MACD has crossed over its centerline to the downside and continues to diverge downward. While price mostly consolidated around $0.53 after the rise, the significant part of the retracement brought price from $0.53 to around $0.50 over the space of a couple of hours. Price currently trades around $0.51 with the next support anticipated at $0.49. This is also the point where the hourly 200 EMA is trading.

XRP Hourly Chart – Source: Tradingview.com

Key Takeaways:

  • XRP has retraced since an over 20% rise which brought it from $0.45 to a high near $0.56.
  • Price has since moved to $0.53. Shorter-term momentum has shifted to the sellers but longer-term momentum remains with the buyers.
  • Support anticipated around the $0.49 level which is also where the daily and hourly 200 EMA are trading.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

RELATED ARTICLES

MORE FROM OUR PARTNERS

Follow us on Twitter | Telegram | Facebook

Advertisement
Featured Image from Shutterstock.

[blokt] is a leading independent blockchain news outlet that maintains the highest possible professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.