Ripple’s token, XRP, currently stands on a slippery slope, with its value dropping by around 5% since early morning on Monday. The token currently stands in the $0.5782 range. The currently standing of altcoins in the market is an extended effect of the recent fall they saw after the sudden surge of interest caused by r/wallstreetbets, wherein the market saw huge price spikes within days of the controversy.
Different metrics showing the varying trends in the cryptocurrency market
XRP was valued at $0.77 at the peak of this event but fell to $0.36 shortly after. In the following days, it saw an upward recovery to $0.49, while other altcoins saw the same pullback after their respective market highs. On the other hand, XRP is gearing up for another bull run and is expected to break the $1.00 mark if it continues on its current trajectory is gained after breaking the slump at the $0.49 range.
Since February 8, the XRP price has slowly crept higher, marking multiple days of green and eventually ranking 5th in terms of market capitalization, standing at the $27.23 billion range. If this trend continues, XRP should be able to get back to its all-time high of 3rd in this regard.
However, considering the falling share prices from the MACD signals and failure of different cryptocurrency pairs to cross the immediate hurdle, XRP will likely witness a short-term downside pressure before picking itself back up towards its next rise.
A clear downside break from the $0.4953 will confirm the bearish trend and direct ripple sellers towards the 200-bar SMA level of $0.3725. Any clear break down from these levels will be detrimental to the bullish trend XRP holders are expecting.
Regardless, XRP/USD bulls should remain optimistic unless the quote keeps the monthly run-up outside the key SMA. This means that any clear break below a $0.3725 low will negatively affect the current trend XRP is seeing. Alternatively, while the XRP’s trajectory slowly reaches for the $0.6830 range, it is still expected to see intermediate halts before the $1.00 psychological magnet.