Ripple, Stellar, and Binance Coin, three of the crypto coins are in need of a sustained price recovery, as they have recently gone through a steep price decline. It is anticipated that the price slump in these altcoins has occurred due to Bitcoin’s recent and vigorous price drop. The BTC price has broken sharply below $10,000 and is hovering around $10,568.
Additionally, the capitalization of the overall crypto market has seen a notable decrease from $263,992,265,314 to $245,309,245,562 over a day.
Ripple price saw a major drop below its key support level in the latter part of yesterday. The XRP price was above $0.26 till yesterday morning, but before closing, it has broken even below $0.2550. Later, it started a mild upward move but the rebound has been breached by bears today.
5 days ago, XRP was above $0.27. After a plunge near $0.2669, the coin faced a bit of turbulence. After that, XRP rose to touch $0.2771 before tracing a slow but steady price drop causing it to trade in the price range around $0.269. After yesterday’s price drop to $0.2542, XRP has not been able to trade above $0.26. At 04:40:43 UTC, XRP is at $0.2524.
Here, the technical picture of the altcoin appears gloomy, as it indicates to the bearish pressure. MACD is in the bearish zone with its MACD line below the signal line. RSI of XRP/USD is even below 25, noting strong oversold momentum. Moreover, the short term SMA (10-days) line is much below the long term SMA line (100-days).
Ripple may face resistance at $0.2672, $0.27742 and $0.28455, while, it can see support at $0.2498, $0.2427 and $0.2325.
Stellar Lumens is currently extending the price drop which took place yesterday. XLM was trading above $0.069 on 24th August from where it saw a mild upward price move to $0.072 and then corrected down, tracing a bearish trendline. The XLM was above $0.067 till yesterday, as it saw a sharp drop to $0.062, with a decline of 7.78%. Stellar price is attempting to rebound from the low but…