Amidst the recent turmoil engulfing the broader cryptocurrency landscape within the past 24 hours, a scenario that witnessed Bitcoin (BTC) plummet to an astonishing $26,000 nadir, the fortunes of XRP have also taken a momentous tumble.
In a striking parallel, the value of XRP has undergone a notable descent over this identical time frame. Precisely spanning the last 24 hours, XRP has encountered a decline of 13.82%, effectively erasing a staggering $4 billion from its overall market capitalization along the trajectory.
This resounding drop has precipitated a decline from its erstwhile standing at $31.05 billion, rapidly dwindling to a diminished state of $26.67 billion in the expanse of a day.
XRP 1-day market cap. Source: CoinMarketCap
XRP price analysis
In direct correlation to this downturn, XRP has encountered a tumultuous journey from $0.58 to $0.51, albeit with a fleeting dip to as low as $0.473.
XRP 1-day price chart. Source: Finbold
The occurrence of this transient plunge has aroused the inquisitiveness of investors, prompting contemplation on the possible extent of its future descent.
A perceptive crypto trading analyst who goes by the moniker CryptoInightsUK has lent their insights to this matter, underscoring the colossal market shakeout that transpired the previous day. Nonetheless, amidst this upheaval, XRP managed to conclude the day above its 200-day Simple Moving Average (SMA), a bullish indicator in the eyes of the informed.
Notably, this momentous shift unfolded against a backdrop of relatively subdued trading volume.
An examination of the Relative Strength Index (RSI) at its current juncture reveals a level of oversold conditions rarely witnessed. A historical perspective lends credence to this assertion, as the last instance of an RSI reading as oversold as the present was when XRP was valued at $0.28.
$XRP TA, some initial thoughts:$XRP had a huge flush out yesterday yet managed to close the say above its 200SMA. This is Bullish.The move happened on low volume. With such a big move, this suggests the market isn't convinced we should be moving in this direction.The last… pic.twitter.com/PNxf6m824X
— Cryptoinsightuk (@Cryptoinsightuk) August 18, 2023Against this yardstick, the current valuation of $0.51 emerges as a significant benchmark, representing a near doubling in value from that particular juncture.
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