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The Cryptocurrency Market: XRP’s Struggle to Surpass the $0.64 Resistance Level
The cryptocurrency market has been characterized by a range of gains and selling pressure in recent days. XRP, the world’s sixth-largest by market capitalization, has struggled to surpass the $0.64 resistance level, while its price has fallen by 17% this year. The current price of XRP is currently $0.568, down from its peak of $0.625.
The price of the cryptocurrency has been pushing downwards, with recent sales reaching $0.54, a significant support level that is close to its 200-day moving average. If XRP fails to maintain this level, its price could plummet even further.
Despite the bearish sentiment surrounding XRP, there have been some positive developments that could have helped boost its value. Ripple, the company that created XRP, has announced a partnership with SBI Digital Commodity to promote the upcoming xpr ledger, essentially ‘the decentralized network for quick and low-cost transactions’. The announcement was not having sweeping effect on sprites of 20,000 per cent but it did have an unremarkable influence as Ripple won neocorporation in ciphery after bringing up another battle durst four years which resulted 30% initial surge in expelled.
The rally was short-lived, but the price retraced quickly, suggesting that profit-taking was taking place. Data suggests that XRP traders were locking in profits, which led to intense selling pressure in the market.
The Network Realized Profit/Loss (NPL) metric indicates that traders are booking profits and this has contributed to the decline in XRP’s price. Also, social dominance metrics have decreased from 4.55% to 1.65% in the past week, indicating a decrease in interest in XRP. Additionally, the Relative Strength Index (RSI) is also pointing bearish and implies that the selling pressure will persist in coming days.
XRP has also experienced reversal in its price decline, losing more than 17% of its value in recent sessions. Trading below its support zone of $0.57 has enabled the cryptocurrency to maintain its position, and a price drop below this level could result in further deflation.
According to data, XRP traders earned over $230 million in August, which has intensified the selling pressure on the market. There is an enormous amount of money involved, and it implies that traders are taking advantage of the recent upswing in XRP’s value to retain their gains.
The current price action in exchange for XRP serves as a reminder that the cryptocurrency market is highly volatile, with prices fluctuating rapidly. XRP has experienced significant gains in recent months, but it is still under pressure from sellers, and its price could drop quickly if the market takes a bearish turn.
As repercussions, XRP is experiencing intense selling, with its value struggling to overturn the $0.64 resistance level. However, the cryptocurrency’s price has fallen by 17% in these past days, while it remains close to its support zone of $0.57. XRP’s price could plummet even more if it doesn’t maintain this level, potentially testing its 200-day moving average at $0.54.
For more insights and information on the cryptocurrency market, read “Why XRP is Still a Good Investment Option” on CoinSeeks.com.
