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XRP’s worth has dropped almost 40% from its high of $1.70. Many buyers have lost money as a result of the drop, but the market has been working hard to bring the coin’s worth beyond $1. The short-term map, on the other hand, indicated that XRP was developing a restricted range and could begin to move sideways.
At the time of publication, XRP was trading at $0.99 and had a market capitalisation of $45.96 billion.
XRP hourly chart
The chart above clearly shows that the price of XRP has been trending lower since its height. On its way down, the price has consolidated on numerous supports but has been unable to hold on. The sector was retracing after the price fell to $0.60, and the XRP value had grown within an ascending channel, bringing it as close to $1 as possible.
About the traction provided by the recovering economy, the price was now trapped between $1.05 resistance and $0.94 support. Buying momentum was exiting the market as selling pressure developed at the current price.
This price level has been supported by low demand, which may imply that price volatility would remain low. When the market last checked resistance, XRP was forced into the overbought sector. With the arrival of selling pressure, it was pushed down below the overbought stage. Nonetheless, the relative strength index has shown that the market remains flooded with purchasing pressure.
Low volume has been promoting this price level, which may imply that price uncertainty would stay low. The last time the price checked resistance, XRP was forced into the overbought sector. With the arrival of selling pressure, it was pushed back under the overbought zone. Nonetheless, the relative strength index has shown that the market has stayed flooded with purchasing pressure.
In the short term, the XRP market loses traction to rise further. With the market currently recovering from the previous week’s drop, it may continue to trade between its immediate resistance and support levels. A shift in market volatility and momentum could drive the price higher, but for the time being, we could be witnessing a consolidation process.