Another hard day for cryptocurrencies and for Ripple XRP.
Nearly all of the best digital currencies have crashed today, according to CoinMarketCap.
The total global market capitalisation now is around $517.5billion – down from an all time high of about $829.4billion in the first week of the year.
The cryptocurrency market has remained extremely volatile since the turn of the year, and this is due to the growing concerns that a number of governments plan to ban or restrict the trading of digital currencies.
XRP Price is in extreme difficulty during this session on Monday, as it is moving lower against the US dollar and Bitcoin. If we want to see the pair of XRP / USD moving upward towards levels like 1.7500, it will be necessary for the market in question to break the key resistance of $ 1.5000.
XRP was trading at the level of $ 1.75000 before meeting downward pressure against the US dollar.
Currently there is a bearish trendline which was formed with resistance around the level of 1.5000 on the hourly chart of the XRP / USD pair. The pair could continue the short-term downward correction towards support levels of 1.1000 and 1.0000.
The price of XRP is currently testing the 50% Fibonacci retracement of the last movement from a low of $ 0.8829 to a maximum of 1.7440. As long as the price continues to remain below the resistive level of 1.5000, we believe that the market will continue to be at risk in the short term.
As for the bearish movement, the 1.2000 level is a very important support. Should there be a break below the 1.2000 level, the price could test the level of 1.1500 and 1.1000. Other collapses could lead the market to test the level of 1 dollar.