Incapable of holding the uptrend, XRP crashed and the investors in order to save the asset from further downtrends, started pumping its price.
Ripple (XRP), the Blockchain payment firm’s native cryptocurrency a week ago had rallied to an intraweek high of $0.32620. However it experienced major pullbacks in its price. First, it plunged to $0.27739 and then to sub-$0.25 levels at $0.2442. Incapable of holding the uptrend, XRP crashed and the investors in order to save the asset from further downtrends, started pumping its price.
On August 3rd, XRP’s price increased by 4.08% to $0.3072. The asset continued trading on the $0.3 vicinity before coming down to $0.2980 on August 7th and a subsequent lower $0.2943 on August 8th. Currently, it is trading at $0.2931 and is down by 0.31% in the last 24 hours.
Correlation with BTC
The recent downtrends have been highly correlated with that of Bitcoin’s prices by the analysts. On 7th August, BTC’s price reached an intra-week high of $11906 just $94 short of the $12000 mark. Followed by which it faces a quick pullback to $11488 on 8th August and since then the price has not moved above the $11800 mark. Currently, BTC is trading at $11,679.54 and is down by 0.24% in the last twenty four hours. Clearly, the cryptocurrency market is under selling pressure and analysts say that XRP can manage to again rise above the $0.32 mark if the coin rebounds. However, XRP will be in the risks and can suffer to a greater extent if investors stop their current support.
XRP Price May Tumble If The Price Falls Below The EMA Level
XRP’s consecutive pullbacks has made it fall above its Exponential Moving Averages (EMAs). EMAs are technical indicators that imply sell and buy alerts based on the recent datas, crossovers and divergences. When a market is lively and trending and has continued uptrends, then the EMA indicator will also show an uptrend. Similarly, if the market is in downtrend, the EMA line will also depict a downtrend. And in the current situation, XRP’s downtrend can possibly prevail if the market falls below the EMAs. A further downtrend in its price will be anticipated if the price falls below the resistance line.
The key resistance zones and key support zones as determined by the analysts are $0.35, $0.40, $0.45 and $0.25, $0.20, $0.15 respectively. The investors have tried to uphold XRP’s price to the $0.29 level and the XRP’s uptrend may continue once the support holds. Following which XRP’s price may rise above the $0.36 levels..