A Turning Point Has Come for XRP: Crypto Market Review

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Photo credits: Crypto News

Despite the numerous indicators of recovery we saw during the week, the past week ended adversely for the majority of digital assets on the market. Unfortunately, the tendency is still present, and the major digital assets, such as Ethereum, XRP, and Cardano, are moving into the red zone. 

As the assets fall below the ascending channel that has been driving its price upward, the powerful rise that started at the end of September is likely coming to an end. The asset is in a situation where it sorely needs new inflows or it will start to reverse in the near future due to the absence of positive momentum on the asset.

Since it has been unable to establish a firm foothold above the support level as of the time of publication, XRP is currently trading in the 200-day moving average and is likely to sink below it. Investors won’t observe the cross between the 200EMA and 50EMA, a powerful positive signal indicating the downtrend has finally ended, because of the decline below the 200EMA. 

Photo credits: thecoinrepublic.com

All current evidence indicates that XRP will keep moving downward despite the 63% gain. The unexpected uptick in optimism, though, might show up if Ripple scores yet another significant legal victory over the SEC. At first, it served as the primary driver of a price increase, but generally unfavorable market conditions prevented XRP from extending the surge.

Disclaimer: The material presented here is solely for informative purposes and does not constitute investment advice. The opinions presented here do not necessarily reflect the viewpoint of 2cash.  Every trade and investment carries risk, therefore you should always do your own research prior to making decisions. We do not recommend investing funds that you cannot afford to lose.

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