XRP Price Drops Under $0.50, Ripple Holders Jump to This New Coin

cryptonews.com:

The XRP price has fallen by 5% in the past 24 hours, sinking to $0.4459 on a day of widespread damage for the cryptocurrency market.

Today’s loss means that XRP’s price has now declined by 6% in a week and by 15% in a month, with the eighth-biggest coin in the market also dropping by 8% in a year.

This 12-month decline stands in stark contrast to the movement of most other major coins, which have largely been very positive.

That XRP has struggled this year has clearly led some of its holders to jump ship to newer alts, with layer-two meme token Pepe Unchained and its presale being one of the most notable beneficiaries.

The only positive to take from today’s destruction is that XRP is now very close to a bottom, nearing the point where the only way is up.

This is most evident in its RSI (purple), which has dropped to 20 in the past hour, indicating some very heavy overselling.

Likewise, its 30-day moving average (orange) has dived well below its 200-day (blue), which again suggests that it should be close to making a rebound.

One thing interesting about XRP is that its 24-hour trading volume has risen to its highest level in almost a month today, at around $1.6 billion.

This shows that some traders are willing to buy the coin at a steep discount, and at some point enough buyers are going to come in and stabilize the coin’s price.

However, whales seem more likely to sell XRP at the moment, so the coin may have to fall just a little further before it recovers.