Ripple Price Breaks Below $0.43 As Bears Take Control Of The Market

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After last week’s massive dump, Ripple price is regaining its position on a long trend. Moreover, the bulls must dominate the bears in the current market momentum.

Last week was not a good trading week for Ripple buyers as the XRP token saw a massive 42% loss. As a result, the week closed below $0.4255. Notably, all week the token’s price has been steadily following a huge downtrend, declining to $0.4018 before rallying to $0.4123 and ending there for the week.

Notably, most indicators have been absorbed into the oversold zone, implying the possibility of a temporary uptrend.

Ripple Price Plunges With No Sign Of Rising | Source: TradingView.com

However, the price of the token must create a lower and a higher to validate this reversal in momentum. This also means that bulls need to push the price of XRP all the way to $0.65 before it can create an uptrend.

What are the chances?

Due to the massive decline, the XRP token can only be expected to register bullish momentum, or a bullish medium reversal, temporarily. On the other hand, it can be expected to be short-term, given the current market structure. The value of the technical oscillator shows that the token has tested the all-time low (ATL) in the hourly, daily and weekly charts.

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It should also be noted that the price of the token is still trading below the 50-day and 100-day exponential moving average (EMA). Thus, rejuvenated buying pressure would force the price to reach the 50-day exponential moving average before testing the psychological bar of $0.50.

On the other hand, a drop in the bearish momentum would lead to the continuation of the decline or the downtrend of the coin. If XRP fell below the current session low, it would test Friday’s low at $0.40.

Technical indicators

Moving Average Convergence Divergence: The MACD is trading below the middle line with steadily growing bullish momentum. Relative Strength Index: The RSI oscillates near the middle line, with no declared directional bias.

A brief on undulation?

Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and a payment gateway. Created by Ripple Labs, the Ripple Crypto Project enables users to facilitate cryptocurrency payments, lending, and other financial platforms. While Ripple enables worldwide payments, the XRP token allows users to trade between cryptocurrencies.

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Notably, Ripple was created in 2012 by Chris Larsen with Jed McCaleb. Four years later, the company purchased BitLicense from New York State to increase the integrity of its XRP token. However, following the global cryptocurrency crackdown, Ripple fell over 21% and struggled in this zone for a long time.

Featured image from Pexels, chart from TradingView.com
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