- Ripple’s XRP is steadily becoming the darling of HODLers in the market.
- XRP/USD is flirting with $0.391 after a more than 10% upside correction on the day.
Gloom and sorrow is being outed from the crypto market. The investors have been battling with an overpowering downtrend since November. The decline which lasted for more than one month left the investors not only devastated but also in losses. However, I once wrote that market crash is a normal trend in any financial market and so is a recovery and a surge.
At the moment, the market has reversed the downtrend and is edging higher from the annual; lows that were refreshed amid the free fall. The cryptos have recovered sizably since mid-December. The total market capitalization slumped below $100 billion last week before the correction that commenced on December 15. The market cap currently sits at $131 billion following an additional $6 billion from yesterday’s $125 billion.
Ripple’s XRP is steadily becoming the darling of HODLers in the market. The asset has shown the ability to weather down declines extremely well. Although, XRP finally gave in to the negative pressure dropping below $0.3, its losses cannot be compared to those experienced in Bitcoin, Ethereum and even Bitcoin Cash. All these legacy assets and the altcoins are reversing the trend, however, they are still trading close to their newly refreshed lows.
Presently, XRP is flirting with $0.391 after a more than 10% upside correction on the day. The bulls have sustained the price above the 100 Simple Moving Average since Monday. In addition to that, the price is trading above the trendline on the hourly chart. The 50 SMA is offering support at moment while the bulls have their eyes on $0.4. The RSI in the same range is currently horizontal after it failed to break above the 70 mark. The same trend is also seen in the DMI which also motionless after correcting higher from the lows reached on the day around 4.09.
XRP/USD 1-hour chart
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