Ripple (XRP) Plunges To $0.43 With Bears In Full Swing
May 23 2022 - 9:23AM
NEWSBTC
Ripple (XRP) has plummeted to $0.43, with bears now skyjacking the
market following a tremendous drop in the past week. While the
price seems to have improved in the past couple of days, the bulls
have somewhat shoved bears to their current market movement. The
past week did not look suitable for Ripple traders and investors as
XRP collapsed to a drop of 42% and closed at $0.4255. The entire
week was seen to drift following a bearish movement which dropped
to $0.4018 before it regained momentum to $0.4123 for the week.
This indicates an oversold token that implores the potential of an
uptrend. Suggested Reading | Bitcoin Reclaims $30K Territory After
Recent Weeks’ Struggle – Analysts Weigh In Will Ripple Dash Towards
A Bullish Streak? However, the token price is yet to produce a
higher low and a higher high to authenticate the created moment,
which in effect points out that bulls will have to nudge the price
of XRP to $0.65 before it instigates a new bullish trend. XRP is
expected to dash to a bullish trend as things go down. However, the
bullish streak can be short-lived as a result of the current market
situation. The technical oscillator’s value would show you that the
token has ticked off the lows in the charts (hourly, daily, and
weekly). It falls right under both the 50-day and the 100-day
Exponential Moving Average. It is an escalation of the buying
pressure that could ram the price to shoot, targeting the 50-day
exponential moving average even before it tests at the $0.50 mark.
XRP total market cap at $20.5 billion on the daily chart | Source:
TradingView.com Ripple Price Descending For Good? In different
circumstances, the drop of XRP indicating a bearish shift could
trigger the coin to go on with a new downtrend. If XRP breaks under
the current low value, it will test the low of $0.40. While every
token strives for decentralization, Ripple wholly owns XRP and
wants to be the coin that aims for bank adoption. Ripple is also a
payment gateway as much as it’s a cryptocurrency. It’s one of the
pioneering tokens in the crypto space created by Ripple Labs in
2012. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish
Trajectory Coming 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 remains robust despite
the volatility. However, Ripple has dipped to 21% because of crypto
turbulence and is still struggling to keep up with the pace.
Featured image from YouTube, chart from TradingView.com
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024