The XRP price is in a tight range as the rest of the cryptocurrency industry stages a comeback. Ripple is trading at $0.6437, which is about 23% above the lowest level last week. It has a market value of more than $29.6 billion, making it the seventh biggest digital coin in the world.
Ripple has been in a downward trend in the past few weeks as the overall sentiment in the industry wanes. This is evidenced by the fact that its price has dropped by more than 67% from its highest level this year. Further, the total value of XRP traded has also dropped.
Data compiled by CoinMarketCap shows that the volume of Ripple traded on Sunday was worth more than $2.3 billion, which is lower than the $20 billion that was traded on May 18. This drop is in line with what has happened in the overall crypto industry.
The daily chart shows that the XRP price has been in a bearish trend in the past few months. This has seen it drop to the 78.6% Fibonacci retracement level. It has also moved below the 100-day and 50-day moving averages. The two MAs have even made a bearish crossover.
It is also slightly below the important support at $0.6588. Therefore, in my view, the bearish trend will likely continue in the near term. If it happens, the next key support to watch is $0.400. On the flip side, a move above the 61.8% retracement at $0.8630 will invalidate this trend.
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