Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
XRP/USD’s price rallied past the $0.2800 mark. However, it couldn’t carry the momentum past the $0.2860 level. Currently, the price is experiencing a downside towards the major supports at $0.2700 and $0.2650.
XRP Steady Gain
Recently, the price gained steadily from the $0.2650 support zone. Consequently, it broke the $0.2800 barrier zone in addition to the 100 hourly SMA.
Despite the gain, the buyers couldn’t push the price beyond the $0.3000 barrier. It established a swing high near $0.2861 only to start declining. It moved into the short term declining territory by continuing to perform under $0.2800 and $0.2780.
Bullish Trend Line
An analysis of the XRP/USD hourly chart reveals the presence of a break under a key bullish trend line with support about the $0.2760 mark. Currently, the price has stabilized under $the 0.2780 and 100 hourly SMA levels.
Examining the downside indicates several supports near $0.2700 and $0.2650. Similarly, the upside shows the 100 hourly SMA to be the currency’s closest barrier to $0.2760. Initially, this barrier was close to $0.2800. Any XRP price movement above that level could embolden the buyers, potentially pushing the price to $0.3000.
XRP Price Rebound?
XRP’s failure to surpass the $0.2800 level could trigger a decline to under $0.2700 support. At that level, the immediate key supports are close to $0.2650 and $0.2640. The next support neighbors $0.2680.
Overall the XRP price could maintain its downward trajectory in the short term. Nevertheless, there’s the possibility of the price rebounding from either $0.2700 or $0.2650.