Ripple (XRP/USD) Steady at $0.4100 – Triple Bottom in Play – FX Leaders
Ripple (XRP) has dropped to $0.43, with bears now skyjacking the market after a massive drop in the previous week. While the price appears to have improved in the last few days, the bulls have forced the bears to their current market movement.
The previous week did not look promising for Ripple traders and investors, as XRP/USD fell 42 percent to close at $0.4255.
The entire week drifted following a bearish movement that dropped to $0.4018 before regaining momentum and closing the week at $0.4123. This indicates an oversold token with the possibility of an uptrend.
Will Ripple Continue Its Bullish Run?
However, the token price has yet to produce a higher low and higher high to validate the created moment, implying that bulls will have to nudge the price of XRP to $0.65 before it initiates a new bullish trend.
As the price of XRP falls, it is expected to surge into a bullish trend. Nevertheless, the bullish streak may be short-lived due to the current market situation. The value of the technical oscillator indicates that the token has passed through the lows on the charts (hourly, daily, and weekly).
It is just below the 50-day and 100-day Exponential Moving Averages. Increasing buying pressure could push the price higher, targeting the 50-day exponential moving average even before it reaches $0.50.
Is the Ripple Price Dropping for Good?
Depending on the circumstances, a drop in XRP indicating a bearish shift could cause the coin to enter a new downtrend. For instance, if XRP falls below its current low, it will test the $0.40 level.
While every token strives for decentralization, Ripple owns XRP entirely and wants to be the coin that targets bank adoption. Ripple is a payment gateway as well as a cryptocurrency. Ripple Labs created it in 2012 as one of the first tokens in the crypto space.
Ripple was created by Chris Larsen and Jed McCaleb. Four years after its inception, the company acquired BitLicense from New York to ensure that XRP remains stable in the face of volatility.
However, Ripple has dropped to 21% due to crypto turbulence and is still struggling to keep up with the pace. Good luck!