XRP Trades 3.5% Down After It Breaks the $0.34 Level

XRP Trades 3.5% Down After It Breaks the $0.34 Level

• XRP is currently trading at $0.335.
• The coin is experiencing a downtrend of over 3.56% in the past 24 hours.
• The current price of XRP might rebound to its $0.3092 support if it fails to surge.

After the market uptrend on July 13, XRP has again moved down, reaching at lowest price of $0.33 today. At the moment, XRP hovers at $0.3351, with a 3.56% down in the past 24 hours. Also, the coin is down by 6.3% in the past seven days.

XRP/USDT- 1-day Trading Chart (Source: TradingView)

Last week, the price of XRP soared above the $0.34 level, which helped the buyers test the immediate supply zone. But the current price of the coin is below this breakout point. Furthermore, the coin is down by 35.5% since May 11, 2022.

Although XRP woke up from its $0.3092 support level, the current downtrend indicates that the price might tap at this level again. If the coin’s price moves above the former breakout of $0.34, the traders can expect a price surge and may look forward to selling the coin.

Specifically, XRP rebounded from the $0.3 support level after it plummeted to its 16-month low at $0.33 on June 18. Also, since the month of June, XRP has been moving through uptrends and downtrends, making adjacent ‘U’ shaped trading patterns on its graph.

Considering the monthly trading pattern, the XRP price has been downsizing for the past few months. Additionally, XRP went through a double-bottom structure in the past few weeks. This helped the buyers in propelling a retest of the 50 EMA.

However, the current relative strength index of XRP is 52.62, which means that the traders slightly purchased the coin. This RSI also depicts the trading is in a neutral state.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

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