As traders navigate an uncertain worldwide financial landscape, Rippleโs XRPย Rippleย (XRP) cryptoย token isnโt immune to the shockwaves reverberating through the cryptocurrency markets. The price of XRPย Rippleย (XRP) has itโsย worthย notingย that slipped below the critical levelย ofย support of $0.45, causing a stir between traders and investors. This wholeย lotย of fall can largely be attributed to theย present bearish sentiment surrounding potential interest price hikes and the looming Unitedย States debt ceiling crisis, which have started affecting the cryptoย altcoin market significantly, and thus, the XRPย Rippleย (XRP) price.
XRPย Rippleย (XRP) Outshines Onย theย otherย hand, Fails To Hold Momentum
In an unexpected twist, XRPย Rippleย (XRP), Rippleโs native digital coin, has ascended past Bitcoinย (BTC) to become the most traded investment on South Koreaโs largest digitalย currency exchanges, Upbit and Bithumb, in terms of trading volume.
Remarkably, for two days running, XRPย Rippleย (XRP), asย ofย now ranked as the sixth- largest digitalย currency by marketย cap, has managed to steal the limelight from Bitcoinย (BTC) in volumeย ofย trading. This event signifies the burgeoning popularity of XRPย Rippleย (XRP) amongst Korean investors, potentially indicating a shift in the overall cryptocurrencyย market dynamics.
As it stands, XRPย Rippleย (XRP) holds the top spot as the digitalย currency with the highest volumeย ofย dailyย trading. It chalked up approximately $208 Million on Upbit and $50 Million on Bithumb in volumeย ofย dailyย trading. Onย theย otherย sideย , Bitcoinย (BTC) saw a volumeย ofย trading of $96 Million on Upbit and $27 Million on Bithumb inย theย previous 24 hours.
XRPโs ascent to prominence can be credited to numerous variables. Central to this has been Rippleโs tactful collaborations with prominent Korean financial entities, including GME, South Koreaโs preeminent remittance service company, and leading exchanges.
Furthermore, the anticipation of the SEC failing to uphold pivotal arguments has further buoyed this optimism. If this expectation materializes, itย canย potentially potentially catalyze a surge in XRPโs price, propelling it to unprecedented levels.
XRPย Rippleย (XRP) Steeply Declines From $0.45
Thisย comingย week started off on a promising note for XRPย Rippleย (XRP), with the digital investment trading comfortably over $0.45. Nonetheless, bearish sentiment trapped bulls, plunging the price below 23.6 percent Fib level. As of writing, XRPย Rippleย (XRP) price trades at $0.4491, declining over 2.5 percent in the last 24 hours.ย
The market bulls have struggled to push XRPย Rippleย (XRP) past the prevailing downtrend line, and initiated a steep decline near the EMA-50 tendency line at $0.45. This signifies a shift towards a bearish sentiment, with market tops being confiscated as selling opportunities.
The 20-day EMA is slowly beginning to tendency downwards, and the Relative Strength Index (RSI) is situated within the negative zone. This impliesย that the easiest route is likely downward. If buyers manage to push the price from $0.43 and send it over the 50-day EMA of $0.45, XRPโs value could gain momentum, potentially soaring as high as $0.47.
Nonetheless, if the price slides below $0.44, it may begin a downturn that could pave the way for a fall towards the critical support zone near $0.4.
