The entire crypto market is in red as Bitcoin trades below $22,000.
After the first cryptocurrency Bitcoin surpassed $24,000 on July 20, there was a brief sense of calm in the market. As always, Bitcoin dragged almost all altcoins higher. But since then the Bitcoin lost its value by 6%. As the average price meanwhile remained at $22.6k.
In particular, over the past 24 hours, Bitcoin has traded between $22.6k and $21.7k. Currently trading just below $22,000, Bitcoin is down 2.86% on the day and 0.95% on the week.
Following Bitcoin’s recent downturn, the total crypto market capitalization dropped to $1.01 trillion, down 2.94% in the last 24 hours. Notably, the total crypto market capitalization had reached $1.07, the highest level since June 13, trillion on July 20.
Additionally, Bitcoin’s recent price behavior has had a negative impact on almost all altcoins. Like literally the whole mainstream tokens are red during the day. Altcoin in the top 10, ETH, BNB, ADA, XRP, SOL and DOGE are currently down 3.68%, 2.55%, 5.93%, 3.98%, 4.06% and 4.49 %, respectively.
XRP Price Analysis
Currently trading at $0.347, native to Ripple, XRP is down 4.86% over the week. Being tied to Bitcoin, like all other altcoins, XRP had peaked at $0.381 on July 20. Later, as Bitcoin went down, XRP also moved in the same direction. Almost identical to Bitcoin, XRP has lost its value by 6.8% since July 20.
At the current price level, XRP is trading below the 4.55-hour simple moving average. While the RSI of XRP is below 50, the coin is gaining momentum in the bearish zone. However, XRP is facing strong resistance at $0.36.
Additionally, with the critical support at $0.34 and $0.33, if XRP breaks above $0.36, further gains will be expected. On the contrary, if XRP crosses the $0.34 mark, then the coin can test $0.30 again.