Ripple (XRP) has fallen to $ 0.43, with bears now skyjacking the market after falling sharply in the past week.
While the price seems to be getting better over the past few days, the bulls are slightly pushing the current market movement.
Last week didn’t look appropriate for Ripple traders and investors as XRP fell as much as 42% down and closed at $ 0.4255.
The whole week looked to fly after a bearish move down to $ 0.4018 before gaining momentum to $ 0.4123 for the week. This indicates oversold tokens that get uptrend potential.
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Is Ripple Dash Towards a Bullish Streak?
However, the token price has yet to yield a lower and higher high to authenticate the moment it is made, which in fact indicates that the bulls need to nudge the XRP price to $ 0.65 before creating a new bullish trend.
XRP is expected to go down into a bullish trend when it happens down. However, the bullish streak may be brief as a result of the current market conditions. The value of the technical oscillator will indicate that the token is down on the chart (hourly, daily, and weekly).
It is under 50 days and a 100 day Exponential Moving Average. This is an escalation of buying pressure that could cause the price to take off, targeting the 50-day exponential moving average before the test at the $ 0.50 mark.
XRP total market cap at $20.5 billion on the daily chart | Source: TradingView.com
Price Ripple Down For Good?
Under different circumstances, a decline in XRP indicating a bearish change could trigger the coin to continue its recent downward trend. If the XRP breaks down according to its current value, it will try as low as $ 0.40.
While each token seeks decentralization, Ripple all have XRP and want to be the coin that drives bank adoption. Ripple is also a cryptocurrency -like payment gateway. This is one of the pioneering tokens in the crypto space created by Ripple Labs in 2012.
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Ripple is the brainchild of Chris Larsen and Jed McCaleb. Four years after its launch, the company acquired BitLicense from New York to ensure that XRP remained strong despite volatility.
However, Ripple has dropped to 21% due to crypto turbulence and is still struggling to keep up with the move.
Featured image from YouTube, chart from TradingView.com