- Top assets bleed as the crypto market adds $2 billion.
- XRP waterfall drop occurred after the bulls failed to break above the resistance at $0.3850.
- The bulls lack a catalyst to help them sustain upside movement above the 23.6% Fib level.
The cryptocurrency market volatility levels are still high in spite of the prediction that the digital assets will reverse the downtrend. Ripple’s XRP has not been spared by the devastating declines this week. Although most of the top 20 cryptos are languishing in bear pressure, the market has recovered by $2 billion in the last 24 hours according to the data on CoinMarketCap.
Ripple’s XRP suffered a devastating fall yesterday. The waterfall drop occurred after the bulls failed to break above the resistance at $0.3850. The bears reacted with revenge as they sent the crypto spiraling below the Simple Moving Averages (SMA) (15’ range). Breakdown continued on the price breaking below the support at $0.35. Luckily, a correction occurred at $0.3250.
The bounced has continued on Friday 11, however, the resistance at the 23.6% Fib retracement level is proving to be an uphill task. XRP/USD is trading at $0.33, similarly, it is between the moving average support and resistance. Where the 50 SMA is offering support currently at $0.3327 while the 100 SMA coincides with the above mentioned 23.6% Fib level resistance.
Looking at the chart, the technical indicators applied show that the bulls are in control at the moment. However, they lack a catalyst to help them sustain upside movement above the 23.6% Fib level. The Relative Strength Index (RSI) is almost touching the oversold region while the Directional Movement Index (DMI) is at 43.47 and still heading in an upward direction.
XRP/USD 15-minutes chart