XRP Sees Massive Sell-Off
XRP has seen a little rebound in its price to regain its earlier price support level of $0.50 in the early parts of the Asian trading day. Even though it has seen a little decline of around 4.6%, the digital asset is still selling for $0.54. Even with this rise, the digital asset is trading for less than the amount it traded at the end of the trading market. With the push upward, Ripple has made its place to the seventh spot in terms of market capitalization. The digital asset is presently at a region close to $25 billion in its market cap.
XRP set for more decline
XRP has suffered the most in the recent sell-off triggered across the entire crypto market, with the digital asset losing most of the gains that it has gathered in the last few months. However, the asset would need to gather enough momentum and trade above $0.60 if it wants the recent signs of bullish momentum sustained.
Notably, the digital asset has over the past few weeks retraced at this level as it has been the most pivotal resistance level in its technical analysis over the past few weeks. The recent on-chain analysis has shown that a price surge would be triggered if the digital asset eventually touches its 9-day moving average figure.
It has always seen this level as its support on the last few trading days, and if it eventually breaks above this level, the much expected bullish run might occur. If it is out of the picture, then we would be looking at the asset move towards the $0.55 region before hoping to take the $0.60 price mark.
If the asset fails to make an upward jump in the same vein, then the next support could come in handy at the $0.40 price mark. If the bulls fail to defend their position around that price level, the digital asset could see a move that will take it towards $0.35 before touching the $0.30 price mark. In comparison to Bitcoin, XRP has been trading close to a region of 947 Satoshi.
This region also signals dire points below both moving averages. Even though the coin touched a high level close to the 1000 Satoshi level, it saw a decline that pushed it back under the 9 day and 21-day moving averages. The bears are still the dominant force in the market as traders have continued to trigger more sell-offs.
If the sellers continue to dominate the market, then XRP could trade at a region around 500 Satoshi and below. With the present technical analysis showing that the price of the asset is moving close to the lower region of the 45 level, it would need to touch the 1500 zone if it wants to see a bullish run.