Ripple price has eased after Wednesday’s plunge; a trend observable in other cryptocurrencies. On Thursday, the leading crypto – Bitcoin – is finding support at $42,500 after dropping from the prior session’s high of 47,082.99.
As is often the case, various altcoins have followed the trend set by Bitcoin. Cardano, Solana, and Polkadot are some of the other cryptocurrencies on a similar trajectory.
XRP is trading sideways after plunging by close to 15% from an intraday high of 0.8351 in the previous session. At the time of writing, it was down by 2.04% at 0.7559.
On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. It is also below the long-term 200-day EMA; which signals further losses in the ensuing sessions. From this perspective, Ripple price may trade within a rather tight range with 0.7375 and 0.7769 as the horizontal channel’s lower and upper borders respectively.
A decline past the current support level will likely have the bears retesting the one-month low hit on Wednesday at 0.7099. On the flip side, Ripple price may rebound past the range’s upper border. If that happens, the resistance levels to watch out for will be along the 25 and 50-day EMAs at 0.8086 and 0.8297 respectively. For as long as the altcoin remains below the 200-day EMA, the bears are in control.
This post was last modified on %s = human-readable time difference 15:07