The crypto market is currently on a bumpy ride as Bitcoin, the first born currency, has once again lost its $20,000 level. In the early hours today, September 29, Bitcoin had managed to surge from $18.5k to $19.8k before plunging. Currently, Bitcoin is trading at $19,255 with a drop of 1.56% in the last 24hrs.
Same is the case with XRP as the currency has seen a lot of volatility in recent times. The currency has lost about 20% in the last 30 days. Although the trading volume of XRP increased significantly, the network faced a lack of funding and support from its traders and investors, hence the decline.
XRP Price Below $0.42
Meanwhile, the 4-hour chart suggests a bearish trend and on the other hand at the start of this week XRP made a lower high of $0.5 and dropped nearly $0.47 area. XRP had two short-term key areas at $0.456 and $0.437, but the currency decided to turn the above area as resistance and dropped. Also though RSI marked above 50, there wasn’t any bullish trend indicated.
At the time of writing, XRP is changing hands at $0.432 with a slight increase of 0.15% over the past 24 hours.
When the funding rates are considered, Binance, one of the largest crypto exchanges, had a negative funding rate for XRP in the last seven days, as per Santiment data.
Therefore, with these downside factors, it appears that XRP is poised for another downside move where the altcoin could find its trade below its immediate support at $0.42.
