In a supernormal rally that almost lost ethereum its silver spot, ripple (XRP) gained about 100 percent in a week.
The maximum difference in XRP’s market cap between the week’s lowest and highest level turned out to be almost $19.8 billion. That’s nearly a 184 percent jump. True, the valuation dropped after establishing the weekly peak, but the extent of the drop was low. During the uptrend, the market cap of ripple once even went above the market cap of ethereum. For a short period, XRP was the new silver to bitcoin’s gold. However, an imminent sell-off near peak reversed the XRP trend and brought it back to the third position.
Ripple Price Analysis
There were further slides noted below the $0.5000 support in Ripple price against the US Dollar. The XRP/USD pair cleared the $0.4500 support area and settled below the 100 hourly simple moving average. The decline was such that the price tested the $0.4350 level. A low was formed at $0.4365 and the price corrected higher. It bounced back above the $0.5000 level.
Moreover, there was a break above the 50% fib retracement level of the last drop from the $0.5823 high to $0.4365 low. However, gains were protected by the $0.5480 and $0.5500 resistance levels along with the 100 hourly SMA. More importantly, this week’s followed crucial bearish trend line is intact with resistance at $0.5480 on the hourly chart of the XRP/USD pair. The 76.4% fib retracement level of the last drop from the $0.5823 high to $0.4365 low also stalled gains. To recover further, the price has to move above the trend line and settle above the $0.5500 resistance.
Ripple Price Analysis XRP USD