Alert Traders! XRP Up For Another Price Crunch, Here Is Why

Published by
Delma Wilson

The crypto market is currently on a bumpy ride as Bitcoin, the first born currency, has once again lost its $20,000 level. In the early hours today, September 29, Bitcoin had managed to surge from $18.5k to $19.8k before plunging. Currently, Bitcoin is trading at $19,255 with a drop of 1.56% in the last 24hrs.

The same is with XRP as the currency has flashed too much volatility in the recent days. In the last 30 days the currency has lost nearly 20%. Though there is significant rise in XRP’s trading volume, the network faced lack of funds and support from its traders and investors, hence the decline.

XRP Price Below $0.42

Meanwhile, the 4-hour chart suggests a bearish trend and on the other hand at the start of this week XRP made a lower high of $0.5 and dropped nearly $0.47 area. XRP had two short-term key areas at $0.456 and $0.437, but the currency decided to turn the above area as resistance and dropped. Also though RSI marked above 50, there wasn’t any bullish trend indicated.

At the time of writing, XRP is changing hands at $0.432 with a slight surge of 0.15% over the last 24hrs.

When the funding rates are considered, Binance, one of the largest crypto exchanges, had a negative funding rate for XRP in the last seven days, as per Santiment data.

Hence, with these negative factors, it appears that XRP is up for another downward movement where altcoin might find its trade below its immediate support at $0.42.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Recent Posts

Binance CEO CZ and SBF Drop Truth Bombs Amid Their Twitter Spat, Here Are The Latest Developments

The feud between Binance CEO CZ and Sam Bankman-Fried continued after CZ accused SBF of…

December 9, 2022

47% of Bitcoin Owners’ Gains From the Peak Bull run Now Erased

While Bitcoin is attempting to recover its losses after the recent FTX meltdown, data indicate…

December 9, 2022

Bitcoin (BTC) Whales Continue To Sell Their Holdings- What’s Going On?

Bitcoin's price has been trading above $17,000 since the early hours of the day and…

December 9, 2022

Controversy Brewing? Coinbase Urges Users To Switch To USDC from USDT!

Recently, there has been a significant amount of worry over the credibility of Tether (USDT).…

December 9, 2022

Altcoins to Lookout For, Amid the Low Volatile Market Conditions

Altcoins in recent times have been more robust compared to that the star crypto Bitcoin…

December 9, 2022

Is Cardano Independant of Bitcoin? What Should Investors Expect from ADA Price in 2023?

The bearish action in the cryptocurrency market appears to have eased, but Cardano's price remains…

December 9, 2022