- Ripple’s XRP is still the largest altcoin in the market after Ethereum.
- Ripple recovery slows down above $0.29 as bears stay put.
There has been a negative turn in the cryptocurrency market following a week of stability. Cryptos kicked off the Asian trading session today with overarching declines culminating in a loss of $6 billion. Ripple’s XRP was not spared by the selling pressure as it dived below $0.30 for the first time in 2019.
At press time, XRP is trading at $0.2935 after correcting lower 3.76% on the day. Bitcoin and other legacy assets like Ethereum and Bitcoin have tanked as well in tunes of 3.34%, 5.44% and 8.86% in that order. Ripple’s XRP is still the largest altcoin in the market after Ethereum. Its market cap exceeds that of ETH by over $1 billion at the time of writing.
The bear pressure in the during the Asian trading session sent XRP/USD tumbling below several key support areas starting with $0.31. Further breakdown slipped below another support at $0.3070 as well as the hourly100-day Simple Moving Average (SMA). The sellers increased their grip as XRP plunged below $0.3050 and $0.3020 anchor zones. The asset formed a new low around $0.2886. The bulls have attempted to push XRP higher but very little progress has been made above $0.29 the asset risks refreshing lows of December 2018.
According to the technical levels provided by FXStreet, XRP will face the initial resistance at 10-day SMA in the 15-minutes time range. The second hurdle exists at the 38.2% Fibonacci level on the daily chart which coincides with the 200-day SMA (15-minutes chart). The biggest hurdle observed at $0.3219 close to the 38.2% Fib level (daily chart).
On the flip side, the initial support is seen at the previous month low ($0.2829). The second support is at $0.2769 pivot point. A break below this level is likely to breakdown further towards the next support target at $0.2708.
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