XRP rebounds after falling 10%

XRP rebounds after falling 10%

XRP rebounds after falling 10%

  • Cryptocurrency Prices Recover After Large Drop On Tuesday,
  • Altcoins outperform bitcoin in terms of recovery rate.
  • XRP Drops To Critical Support Zone In May Downtrend.
  • After a good rebound, XRP is trading above the $ 1.00-1.10 demand zone.

On Tuesday, the cryptocurrency market experienced one of the largest one-day drops in history. Bitcoin lost 19% of its value – more than $ 10,000, this is the worst drop since May 19. As is almost always the case, the entire market crashed after the bitcoin crash. This resulted in a loss of about $ 330 billion that was completely erased from the market capitalization.

Analysts believe that the reasons for this fall are profit-taking by investors and miners after significant growth and the liquidation of a large number of long positions on exchanges, which intensified the fall.

XRP fell to a low of $ 0.9524 and tested the support zone in the form of the border of the May downtrend at $ 1.00. After that, the coin partially regained the lost value and rose above the $ 1.10 level. The price behavior after three days is a good demonstration of the work of the demand zone of $ 1.00-1.10 – all three days it closes above its borders.

Official repair site Asic for mining cryptocurrencies in Russia.

XRP Recovers After Falling 10%, But Danger Remains By Kadr on TradingView.com

As a result, now the XRP price has returned to the range of $ 1.10-1.30 and is trading at $ 1.12. Price will continue to rally if it holds above $ 1.00 and does not allow more falls below as another breakout will weaken the level and send the asset to the next support level of $ 0.90. On the daily chart, the indicator signals turned bearish:

  • RSI (Relative Strength Index) fell below 50 and is pointing down.
  • Linear MACD pointing down, MACD-Histogram fell into the sell zone and indicates a continuation of the fall.

On older timeframes (3-day, weekly) indicators also indicate a likely continuation of the decline, while on shorter timeframes (4-hour, 12-hour) they indicate a slight recovery in the near future.

Selling pressure is likely to continue in the coming days, which could further reduce the price, although it is too early to talk about a large-scale drop. Further market prospects will be determined in the coming days.

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