After a short-term correction, most of the coins have come back to the bullish zone; however, they have not all done so. XRP is the only crypto out of the Top 10 digital assets that is still under bears' dominance.
The cryptocurrency market index has almost increased by around $10 bln and is now at $645 bln.
The relevant data for XRP is looking the following way:
Market Cap: $21,972,249,808
Volume (24h): $11,429,778,802
Change (24h): -5.81%
The data is relevant at press time.
XRP/USD: Can a retest of $0.60 happen by the end of 2020?
Yesterday, bearish pressure increased, and the psychological level of $0.50 could not keep the price of XRP from falling toward the support of $0.480.
The pullback of the pair stopped at the point of $0.476 and, by morning, the price stabilized in the short-term sideways range. However, today the decline may continue to the area of the December minimum of $0.437. If the trading volume does not exceed the average level, then the decline will be limited to the support of $0.44.
On the bigger time frame, XRP may face short-term growth as the altcoin has successfully bounced off the EMA 55. Thus, there is almost no liquidity in the area of $0.40.
However, a potential bounceback may occur as a correction after a sharp fall, but not continued growth as the selling trading volume remains high.
On the weekly chart, XRP remains bullish as bears have failed to push below $0.4370. The selling volume is low, which means that nothing has changed in the long-term perspective. In this case, XRP may come back to the resistance at $0.79 after trading sideways.
XRP is trading at $0.4963 at press time.