Ripple (XRP) price action as it enters the weekend is unpredictable. The coin is sinking into a seemingly low volume and is currently positioned itself as cryptocurrency number four. Having lost its position as third-largest crypto market capitalization to Tether (USDT). It is evident that Ripple is becoming the worst-performing digital currency as it continues to trail behind the daily 200-fold average.
Unfortunately, the coin is hovering around a dangerous level of support that could face a further breakdown in its price action. For instance, in the past one year, XRP has only traded beyond the 200 moving average for 21 days. An indicator of how strongly long-term and short-term momentum is driving prices down further. This also follows the heightened emerging trends and social activity of the fourth-largest crypto market cap.
200 moving average is at lowest since January 2018
It's also interesting to note that the 200 moving average is at its lowest since January 2018 when XRP 's price action hit its all-time high. A clear indicator that bearish is the general overview of market action on XRP. Nevertheless, high investor activity on social media platforms seems to be reversing with the technical weaknesses of XRP and could brace the digital currency for some slight uptrends. Interestingly and possibly, in the next few days, the coin might head for a strong upsurge.
The current price of Ripple (XRP) is significantly historic as it has acted as a support and resistance on various occasions, whilst the current price is $0.20. Nonetheless, last week the coin was witnessing intense turbulence, rallying to a $0.215 high. It is the same phenomenon in the market that Bitcoin, and virtually all of the leading cryptocurrencies, rallied to highs. BTC climbed to $10,500.
As one Bitcoin analyst pointed out, the formation of a descending triangle could open the way for further downsides. Market pundits, however, are betting on injections from interested buyers who could drive up the price. These market analyst's caliber believes that high buyer interest will allow XRP price action to restest its yearly high of $0.3473.
