XRP falls significantly as market bleeds under bearish pressure - AMBCrypto
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Analysis

XRP falls significantly as market bleeds under bearish pressure

Biraajmaan Tamuly

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Source: Pixabay

XRP, the second largest altcoin in the cryptocurrency market, hasn’t had a great 2019. While most of the market has succeeded in posting significant gains since April, XRP was unaffected. In fact, the altcoin recorded a low that it hadn’t even touched during the worst of the crypto-winter in 2018. Despite its parent company Ripple’s many partnerships, most notably the recent MoneyGram partnership, the goodwill hasn’t translated to XRP’s prices.

And while yes, XRP did belatedly post some gains in May, it quickly lost all its price momentum in mid-June.

At press time, XRP was priced at $0.261, with a market cap of $11.39 billion. XRP had a 24 hour trading volume of $2.13 billion, while recording a fall of 9.19% in 24 hours and 13.7% over 7 days.

XRP One day chart

Source: TradingView

Bollinger Bands: At press time, the Bollinger Bands were expanding, suggesting growing price volatility in the XRP market

Parabolic SAR: The dotted markers of the Parabolic SAR were placed above the candlesticks at press time, indicating that the XRP ecosystem was struggling against a bearish trend in the market

Recent price movements and technical indicators suggest that XRP will continue to sustain heavy losses in terms of price.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.