If we compare XRP’s current stand regarding its price with that of in Jan 2020, it seems the coin has come back to square one after all these strongly chaotic price moves. The altcoin, which generally managed to have a hold over a stable vibe, is facing strong volatile blows since the last few months.
Perhaps this happens to be the longest period of time where the whole crypto market is facing hurdles. This is largely owing to the global pandemic, and now the crypto community is getting desperate to see the market finally coming out of it.
The current market sluggishness has kept the XRP/USD in a range-bound phase. While the coin is hovering around $0.19 price mark, Bitcoin has made an improvement as it climbed above $9000 with a steady approach.
XRP’s price rebound after Mid-march price drop remained intact only till May 1. After that, the coin has been continuously declining. Ripple, notably faced resistance at $0.2115.
Now the XRP coin is resting above the support level at $0.19. If we talk about the technicals, the coin is trading on a bearish note. The price is below the EMA line while moving averages too are in the negative zone. Also, the MACD indicator shows a very bearish sentiment for now.