CALIFORNIA, United States – The cryptocurrency industry has been on a bearish momentum since this year started, and Ripple is no exception. Even Bitcoin and Ethereum, two of the largest players in the market, have recorded 1-2% declines in their value. Ripple also experienced a bearish movement over the past 24 hours, and experts believe it could go lower than where it is now.
If you look at a daily performance standpoint, Ripple had a tiny rebound from $0.56 to $0.57. However, it has been at this level since its rejection at $0.60, the level at which experts believed that if Ripple could break, things might look up again. Ripple has experienced a bearish momentum for the past seven days, with an 8% decline, joining most of the other cryptocurrencies
The XRP/USD trade has also been down by 1% in the past 24 hours; Ripple’s market capitalization sits at $27 billion.
On a more in-depth look at the 4-hour chart, the pair formed lower lows and lower highs, confirming a bearish market presence. It is now trading lower than the moving averages, which means that the least resistance is leaning towards the downside.
The Relative Strength Index (14) is also at level 37, which shows that it is now in the oversold region. Since it is the case, experts are also hoping for a rebound, which will up the movement of the XRP.