Is Ripple Price Crashing? XRP Price Drops in Rankings as AI Coin Starts Trending
The overall market is complacent despite seeing slight growth following the stir generated by recent Bitcoin wallet movements relating to Mt Gox, and the XRP price has been hit particularly hard.
Notably, XRP has seen modest growth of 0.45% over the past 24 hours after a pullback from its surge in the early hours of this morning.
Although XRP has also seen some gains over the past week, up 1.0%, it has yet to recover from the 6.85% loss it has experienced over the past month.
Looking further, it seems XRP has only regressed this year, experiencing a 1.58% loss, while other leading cryptocurrencies have been thriving.
Despite this, traders still seem to be engaged with XRP. Its trading volume has increased by $10.27 over the past 24 hours to $873.31M.
Although today’s sudden dip following promising momentum could be chalked up to a crash, indicators paint a different picture.
The XRP price appears to have experienced a correction following a failed retest of a key resistance level (white) at $0.4889. This, along with support (white) at $0.4659, has held XRP in a consolidation phase over the past two weeks.
XRP’s next key test will be at the 0.4806 support level (dark green). This will demonstrate whether the altcoin’s correction has ended or if there is further downside ahead.
The “correction” is underscored by the relative strength index (RSI) (purple), which has fallen from 85 to 40 over the past 5 hours. This represents a shift from an overbought state to a neutral one, as buying pressure eases and price movement cools down.
Although an RSI of 40 does air on bearishness, wider trends will provide insight into where XRP is likely to go next
Most importantly, the 30DMA (yellow) is currently trending upwards,
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