xrp crypto value

Ripple is South Korea’s most popular cryptocurrency, but XRP price stays pressured

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
Written by publisher team

  • The XRP/USD pair rebounded from the intraday low of 0.2647, remaining below the 21-day simple moving average for the fifth day.
  • Messari reports that BTC and XRP are the most popular in Korea.
  • Multiple descending trend lines, and continued breakout of the previous support line are joining the trade below the main SMAs to keep the bears on Ripple bullish.

According to the latest report from Messari, Bitcoin and Ripple are the most popular cryptocurrencies in South Korea. The research is based on data from Bithumb, Corbit, and Coinone for fiscal year 2019.

While BTC/USD recently justified its preferred position in the market with a fresh record high, and also remained above the key SMA, Ripple prices are swinging late.

However, the XRP/USD pair consolidated its recent losses with bids rising from the intraday low to 0.2690 during early Tuesday. However, Ripple price keeps trading below the 21-day simple moving average while maintaining the downside breakout of mid-January to the rising trend line from December 29th.

Not only the continuous trading below the live simple moving average and the extension of the previous support break but the bearish performance below the descending trend lines from January 10th and December 25th also depicts weakness in XRP/USD.

As a result, sellers are currently targeting the monthly low of 0.2400 while any additional weakness should dip below the December 23 low of 0.2126 to satisfy the XRP/USD bears.

Meanwhile, the 21-day bullish clearance of the simple moving average, now at 0.2881, will challenge the two-week resistance line near 0.3010.

With that said, any uptrend beyond 0.3010 should cross the confluence of the 50-day SMA and the downward sloping trendline from late December, around 0.3530.

XRP/USD daily chart

Direction: descending

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