XRP/USD plummets down to $0.169, XRP could be doomed

July 6, 2020 Editor Ripple 0

  • XRP/USD dipped below $0.17 on June 27 after a violent move from the entire market.
  • XRP is slowly losing market dominance slipping below 3% for the first time since December 2017.

While the entire crypto market suffered a dip on June 27, it’s clear that XRP is almost always the most affected coin. Every crash, XRP crashes further, and then, when it’s time to recover, it’s weaker. Basically, with every recovery, XRP is a little lower than before losing its market capitalization dominance while Bitcoin cash inches closer to the top 4. 

XRP/USD daily chart

The downtrend is now in full force with very little support nearby until $0.16. Bulls are not close to the 12-EMA at $0.183, an important barrier for a rally towards $0.20. Buyers can set a lower high followed by a higher low and create a daily equilibrium pattern, but even then, bears would still have the advantage.

XRP/USD 4-hour chart

xrpusd

Bulls are close to setting an uptrend after holding what seems to be a higher low at $0.175 compared to $0.169. Unfortunately, the 12-EMA is acting as a strong resistance level, currently established at $0.177. Buyers need to climb and close above this point to establish an uptrend.