A recent report indicates a 1.2% decline in the value of XRP, dropping its current price to $0.4787. However, this downswing seemed to have an upside as the coin showed signs of resilience across the US trading session. It’s fascinating to note that, despite the dip, the coin’s trading volume remained quite stable, orbiting around $1 billion within the past 24 hours. According to CoinMarketCap, XRP holds a commendable 6th place when it comes to market capitalization, an impressive feat with a market cap currently sitting near the $25 billion mark.
With a circulating supply of 53,083,046,512 XRP coins out of a possible 100,000,000,000, at the very moment, the XRP/USD pair is riding a quite apparent downward wave. The pair has ventured beyond a notable support area at $0.4900, which was considered a resilient triple-bottom support region. A bearish engulfing candlestick pattern leaves a mark on the 4-hour chart, alluding to escalating selling pressure on the coin, pushing XRP towards yet another support level at $0.4700. Should this bearish force persist, it might veer towards the $0.4595 cluster.
As per now, the resistance for the crypto coin has situated itself at the $0.4900, limiting its uptrend. The bearish predilection is accentuated by the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both leaning towards the side of the bears, while the 50-day Exponential Moving Average (EMA) also highlights an element of resistance in proximity with the $0.4950 sector.
Taking a U-turn from the current bearish stance, if XRP manages to break through the $0.4950 resistance, next in line is the daunting $0.5050 resistance. The eventual surmounting of this level could thrust it towards much higher levels.
Switching now to other hot trends in the market, many crypto enthusiasts are now sticking their fingers into the meme-inspired digital currency – $WSM. Leveraging the popularity of Wall Street Memes, a famous online investor community, $WSM witnessed an emphatic entrance, bagging more than $300,000 on the first day and reaching a mammoth total of $25 million. With its promising potential for growth, $WSM offers an opportunity worth the attention.
Please be advised, due to the high levels of risk inherent in the crypto space, caution is advised while participating in investments. Your invested capital may be at risk.
Source: Cryptonews
