Ripple’s (XRP) price extends the previous session’s decline on Thursday. XRP tested the crucial support zone around $0.60. Today’s sell-off in the crypto market is sponsored by Russia’s all-out invasion of Ukraine sending shock waves across global financial markets.
- Ripple (XRP) edges lower on Thursday amid the Russia-Ukraine war.
- Expect a fall toward January’s lows if closes below $0.62.
- The 24-hour trading volume stands at $4,299,023,371 with more than 60% gains.
As of press time, XRP/USD is trading at $0.65, down 5.60% for the day.
In the latest development, a large batch of XRP has been transferred by anonymous Bithumb users to an unknown wallet as reported by the WhaleAlert transaction tracking service. According to the website, nearly $80 million worth of coins were transferred.
However, XRP largely remained unaffected by the movement as it failed to resist the general trend of the market.
XRP might lose another 17%
On the daily chart, Ripple’s (XRP) price fell below the $0.7 psychological level in the recent price action.
As the selling pressure continues with the increased trading volume investors getting prepared to revisit the lows made on January 24 at $0.55 before a bounce-back is expected.
Alternatively, if the price respect the crucial support level near $0.65 it has the potential to jump back to the 50-day EMA (Exponential Moving Average) at $0.75.
Further, a resurgence in the buying order would motivate the bulls to take out the horizontal resistance level at $0.87.
RSI: The Daily Relative Strength Index (RSI) is currently reading at 39 while approaching the oversold zone. It is expected to fall further lower before a bounce-back is expected.
MACD: The Moving Average Convergence Divergence (MACD) has just fallen below the midline with increasing selling momentum.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.