XRP to take a breather after drowning downwards
The year 2021 started on a bad note for Ripple and the XRP community. With the SEC standing firm on the entire “XRP is a security” narrative, the altcoin plummeted to a low of $0.19. As an array of exchanges delisted and removed support for XRP, the altcoin’s market’s trading volume took a hit. After this steep fall, XRP was seen trying to rise once again.
February came bearing good news for the XRP community. Yesterday, the asset rose to a high of $0.73. Several speculated that Gene Simmons from the famous American band KISS could have insinuated the latest uptrend as he tweeted in support of XRP. Additionally, it was also reported that a Telegram group was behind this inflation.
However, this trend didn’t seem to persist. At the time of writing, the altcoin had fallen by over 45.30%, pushing its price to a low of $0.36. This was quite disappointing for the community as the high volatility could make XRP down to $0.20 again if the trend prolongs.
XRP seemed to be the only asset spiraling downwards, at press time, as all the other cryptocurrencies were seen enjoying their stay upwards. The altcoin had surpassed Cardano [ADA] in terms of price. However, the latest crash caused the coin to fall back into the $0.30 zone.
Bulls make a debut in the one-day price chart of XRP
XRP was on a roller coaster ride. The asset had finally garnered some trading volume on Binance. In the one-day price chart of XRP, the Parabolic SAR indicator blocked any chances of a downward breakout as it formed dotted lines below the candlesticks.
The Awesome Oscillator indicator was seen relieving the bears as it laid out green closing bars. This further suggested a bullish momentum in the XRP market. The Relative Strength Index indicator affirmed that there was a buyers’ sentiment. XRP was seen returning from the overbought zone.
The entry of bulls into the XRP market could pose beneficial for altcoin. However, if a downtrend perseveres, XRP could drop to a new low. Despite its recent surge, some analysts prolonged the same notion towards XRP. Carl Martin, a crypto analyst popularly known as “The Moon” recently tweeted.
Eventually XRP will reach 0. Might take a few years though…— The Moon ? (@TheMoonCarl) February 1, 2021