- Ripple XRP Corrects Lower After a Brief Bull Rally
- There is a Strong Chance that the Token Will Retest the $0.1800 Level if the Bulls Don’t Pick up the Pace
Ripple News Today – Two days ago, Ripple XRP joined the rest of the altcoin market recording gains against the USD. The token finally moved above the $0.2000 level for the first time in more than a month. However, the bullish rally didn’t last long as the token now faces downside correction against the USD. Yesterday, there were indications that the price of the XRP token will keep gaining through the weekend. Unfortunately, things didn’t go as planned and the token is now suffering. If the price decline continues, there is a strong chance that the token will fall back to the $0.1800 level again.
Ripple News Today – Ripple XRP is Now Trading in Red
For the first time since April, XRP managed to retest the elusive $0.200. The token increased by more than 10% within 48 hours moving from $0.1700 lows. Many XRP analysts believed that the rise in the price of XRP happened because the token had reached a recent bottom. Unfortunately, the glory of the bulls didn’t last long and the token is back to trading in the red. Subsequently, a key resistance was formed at $0.2100. If the XRP token can successfully move above this resistance, there is a strong chance that it will break the extended bear run and reach higher highs near-term.
XRP (XRP) Price Today – XRP / USD
Even if the price of XRP is correcting lower, technical indicators show that the bulls are going to come back to the market soon. There is selling pressure above the 50-day moving average but a surge above the 200-day EMA is vital if any key price action upward is to happen. There is a tipping zone for violent dips in this level that mark historical rejections. At the time of writing, the price of the token is $0.196348. It is down by 3.74% against the USD and down by 1.46% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $1,525,383,573 and the market capitalization is $8,689,944,625.
It’s important to note that the price of Ripple XRP is moving lower because the rest of the market is also correcting lower. So, it’s not an isolated price correction. Bitcoin and other altcoins in the market are also correcting lower. Bitcoin BTC is trading at $9,184.32. It is down by 2.15% against the USD. The trading volume over a 24 hour period is $18,013,098,882 and the market capitalization is $169,255,038,362.