- The price of Ripple’s XRP is down by almost 12.48% at press time.
- XRP is trading at $0.488254 USD and currently the 3rd largest cryptocurrency.
- Soon after the Flare Network’s Spark (FLR) snapshot, the price of XRP falls.
Ripple’s XRP currently the 3rd largest cryptocurrency exchange by market capitalization is down by almost 12.48%. The price starts falling soon after the long-awaited Flare Network’s Spark (FLR) token airdrop snapshot completed.
At press time the price of XRP is $0.488254 USD as per CoinMarketCap. The 24h trading volume and market capitalization of XRP at press time is $10,606,480,700 USD and $22,318,407,037 USD respectively.
The price of XRP rallied before SPARK token airdrop and goes up to $0.768019 USD which was highest year-to-date. The users were holding the XRP tokens just in order to qualify for the airdrop.
XRP Price Analysis
Let’s look at what the most popular technical indicators like Moving Averages, Oscillators and Pivots says about XRP. The daily moving averages like Exponential Moving Average and Simple Moving Average are indicating sell zone.
The daily EMA (5, 10, 20, 30) and EMA (5, 10, 20, 30) all are in the sell pressure zone. Even the Volume Weighted Moving Average (20) is 0.60078 and Hull Moving Average (9) is 0.53225 and both are indicating sell signal.
However if we look at the Oscillators like Relative Strength Index (14), Stochastic %K (14, 3, 3) and Average Directional Index (14) all are in the neutral zone.
The MACD Level (12, 26) is 0.03974 which is in the sell pressure zone. The Ultimate Oscillator (7, 14, 28) is also in the neutral zone with the value of 52.16739.
Let’s also have a look at the Fibonacci Resistance and Support levels. The resistance R11 R2 and R3 for XRP are 0.76873, 0.89877 and 1.10925 respectively. While the support levels S1, S2 and S3 are 0.34778, 0.21774 and 0.00727 respectively and the pivot level is 0.55826 USD.
So, it seems many holders has started cashing out their XRP as the snapshot for Flare Network’s SPARK token is now completed. This might be the reason that the price of XRP is down to almost 13 percent.