After demonstrating a mini-rally two days ago, the cryptocurrency market has suffered a decline by $12 billion, and it was caused by a significant drop in token value.
XRP (XRP) Price Today – XRP / USD
XRP (XRP)’s Downtrend
Bitcoin, the top digital currency in the market today is performing well against the USD. The virtual currency’s volume has been capped at $3.5 billion since last week, but it has bounced back to $5.2 billion. It has also tripled on Binance, the largest crypto exchange in the global market.
As at the time of this writing, bitcoin price remains above $7,470. It is down by less than 1.5% from the high of $7,570 this week.
However, other digital assets like XRP (XRP), Bitcoin Cash (BCH), Ether (ETH) as well as Cardano (ADA) have dipped more than 5 percent in the past day.
XRP has struggled to maintain its momentum from the previous increase two days ago, but others have succeeded in holding their support levels.
Since yesterday, XRP price has been dipping freely. It dropped from $0.52 to $0.46, and this makes it a whopping 11.5%. XRP has been unable to show signs of recovery in the short term despite experiencing a large sell-off on some main exchanges two days ago.
This short-term trend will remain negative in the coming days because the selloff yesterday wasn’t enough to reverse the RSI of XRP. The various momentum and Average Directional Index indicators show that the XRP downtrend is too strong to initiate any corrective rally before the week runs out.
Tokens tend to outperform other digital assets in the sideways market when bitcoin price remains stable. However, strong tokens such as Aelf (ELF), and 0x (ZRX) have recorded more than ten percent losses in the last 24 hours.