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NewsBTC 2022-04-29 20:44:52

XRP Faces Rejection At Key Resistance; Here’s What On-Chain Metrics Suggest

XRP has been on a downtrend owing to a lack of demand for over a week now. The coin has retouched a multi-month low at the time of writing. Broader market weakness also remains to be blamed along with a whirlwind of regulatory roadblocks owing to SEC vs Ripple’s lawsuit. Overall it hasn’t been a very favourable time for the altcoin. The market capitalisation of XRP has noted a 7% decline over the past 24 hours according to CoinMarketCap. The market capitalisation of the coin was $29.13 billion at the time of writing. The global crypto market cap was at $1.85 Trillion after a fall of 1.8% over the last day. XRP’s all-time high was $3.84 and at the present market value, XRP has fallen by over 80%. XRP Price Analysis: Four Hour Chart XRP was priced at $0.607 at press time and it noted a decline of $6.7% over the last 24 hours. In the past week, the digital asset’s market value fell by over 17%. The coin has been repeatedly facing rejection at the $0.700 level for a week, consistent rejection has caused the bears to take over the market. The bulls have been driven out of the market and so buyers also have existed from the market. With each rejection, XRP experienced a sell-off. Trading volume was also seen in red which is in accordance with the fall market cap of the coin. Immediate resistance for the coin was at $0.700 and then at $0.770. If prices plummet any further, the next support line for the coin aw...

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