Ripple Reels To Key Support, Losing The 3rd Largest Crypto Position

Ripple reels to key support levels as it was trading in close tandem with Bitcoin and ETH in the recent weeks which exposed it to huge selling pressure as we reported in the Ripple news.

Analysts are now noting widely that the cryptocurrency will be well-positioned to see further weakness into the near-term if it stays below the crucial support level that the bulls were defending. The break below this level overnight seems to be a huge sign for the near-term outlook suggesting that the buyers could be losing their strength.

Where the trend will go next will depend on whether or not Bitcoin and the rest of the market can break above the near-term resistance level which was initially established as a result of the recent market-wide price decline. One of the best results of the XRP weakness was the coin losing the third biggest crypto position to Tether. At the time of writing, XRP was trading about 1% at its current price of $0.29 which marks a huge decline from the recent high of $0.33 that was set a few days ago.

As ripple reels to key support again, there was a rejection indicating that the level is laced with selling pressure which could continue hampering the short-term outlook. The recent price decline came along with the one seen by Bitcoin and Ethereum which both acquired notable losses yesterday, forcing them back down to their previous trading ranges. One analyst noted previously that the $0.30 level was a crucial support level for the asset to hold above but it then lost the level and it seems to be at risk of seeing even further downside.

 “XRP (USDT) 1 hour  – At an area of interest, trying to rally.”

One side effect of the XRP weakness was its market cap failing to grow with the speed that Tether did before it became the third biggest cryptocurrency by market cap. According to the data aggregator Unfolded, USDT surpassed XRP’s market cap which made it the third-largest cryptocurrency:

“Tether USDT has just surpassed XRP and is not the 3^rd highest capitalized asset at a Market Cap of $13.14B across all platforms where it exists.
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Where Ethereum and Bitcoin will head next will play a vital role in determining XRP’s trend as a rebound from the recent low that could propel the coin’s market cap past the one of USDT.