Ripple traders will always remember the past week. After achieving a high above $3.3, Ripple made its founders billionaires. But then suddenly the most dramatic pullback took over. Currently, Ripple is the 3rd largest coin and holding a market cap of above $73 billion. The coin has witnessed a trading volume of above $3.9 billion in the past 24 hours.
- XRP/USD depreciated 26 percent over the week and more than 19 percent in the last 24 hours
- Against BTC, XRP depreciated 33 percent week-on-week and currently trading at 0.00012 BTC
In the beginning of the week, the bullish run was dominating Ripple and it went up to $3.3. But then the peak resistance resulted in a pullback and the week-long bearish run took over. Though different support levels tried to form at $2.4 and $2.6, none succeeded to hold the price. Newly formed mid-week resistance at $2.7 also checked any recovery and ultimately pushed the price down.
XRP/USD pair is currently in a freefall at $1.8, without any sign of support.
Considering the indicators, the bearish run of the coin forced all of them to go down as well. Stoch and RSI both are below the overselling mark. RSI is currently at 19 percent. MACD is also running bearish for a while.
The bearish run also caused the 100 SMA to go down the 200 SMA recently with a crossover.
This week, Ripple dominated the headlines. The bullish run of the coin has made its founders billionaires. At a point, Ripple’s chairman and co-founder Chris Larsen also surpassed the wealth of the Google founders and was on his way to beat Gates and Buffet.
Ripples market cap also dropped drastically as coinmarketcap.com excluded South Korean exchanges from its listings. This created a havoc in the market as Ripple’s market cap dropped $20 billion at once.Trade XRP/USD now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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