Ripple Price Analysis: XRP Suffers Losses After Market Selloff

Avatar

Choose your language:
XRP’s price dipped by over 10% in the past 24 hours but is slowly recovering after establishing strong support above $1.2.
The general cryptocurrency market has dipped in the last few hours, with most of the leading cryptocurrencies losing more than 10% of their values. XRP has performed well in recent months, however, the market has now flipped, pushing the cryptocurrency into a bearish divergence.
Following yesterday’s dip, XRP has managed to steer clear of the $1 level after establishing support at the $1.20 region.
A look at the XRP/USD 4-hour chart shows that the cryptocurrency is slowly recovering from its recent losses. XRP is already up by 2% against the US Dollar in the past hour, while XRP/USD has established strong support at $1.24 and is now trading close to $1.38 at the time of this report.
If the positive trend continues, then XRP could soon reach its 100-day simple moving average at $1.50.

XRP/USD 4-hour chart. Source: Coinalyze 
Major technical indicators, such as the MACD and the RSI, show XRP to be in bearish territory. If the bearish sentiment in the market gets stronger, XRP could sustain further losses in the coming hours. If the price breaks down out of its channel, XRP could lose the $1.24 support level.
The market dipped following Elon Musk’s tweet. Musk said Tesla would no longer accept Bitcoin due to the cryptocurrency’s impact on the environment. Tesla said it would look at other energy-efficient cryptocurrencies, and some XRP enthusiasts on Twitter are already pushing for XRP’s adoption by the electric car manufacturer.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.

source

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Bitcoin will be 100% green by 2030 says Hass McCook

Next Post

Litecoin price analysis: LTC struggling to defend the $170 level

Related Posts