The value of XRP is under pressure once again against Bitcoin (BTC) and the USD as the digital currency market responds to the news of Bitcoin ETF rejection. The announcement of the rejection as caused the largest digital currency in the world – Bitcoin – to lose a fraction of its value, and other digital currencies are following suit.
XRP is currently trading over a major support line at 45 cents, and the digital currency needs to stay over that level to prevent more declines.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP is changing hands at $0.4526 after a decrease of more than 2.5 percent over the past twenty-four hours. The market cap of the digital currency is now $17.75 billion and its trading volume over the past twenty-four hours is $197.33 million.
XRP Price Trend and Analysis
Yesterday, there was a vital hurdle close to the 47 cents resistance level in the value of XRP against the USD. The digital currency wasn’t able to break over its resistance at the 47 cents mark, and it later corrected lower to break its support at the 46 cents mark.
The trading pair also broke the 50 percent Fibonacci retracement level of the previous swing from the low of $0.4375 to the high of 47 cents. During the downward movement, the digital currency broke beneath a connecting bullish trendline and formed a support at the $0.4620 level.
The digital currency later settled beneath the support level at 46 cents and the 100-hourly SMA. At the moment, the digital currency is strongly supported at the 45 cents level and the value of the coin is in a tight range close to the 45 cents level.
On the upside, the previous support of the coin which is $0.4620 is acting as the immediate resistance of the coin, after this level, the next hurdle is at the 47 cents mark. If the coin breaks over this level, it might open doors for more gains towards the 50 cents mark.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.