The latest price movement in the Bitcoin market pushed the price of the cryptocurrency over $9.5k, with the altcoin market also mirroring its gains soon enough. However, compared to the world’s largest digital asset, the altcoin market has been noting some pressure building up, making many alts take the bearish journey going forward.
The fourth-largest cryptocurrency in the market, XRP lost its third position to Tether [USDT] just recently, with its market cap remaining restrictive at $9.05 billion. Despite the tug of war between XRP’s resistance and support levels, XRP was trading at $o.2022, at press time. Further, if we look at the daily chart of XRP, it can be observed that it has been bouncing between the immediate resistance at $0.2297 and the support at $0.1718 since mid-April.
As the coin moved forward, however, the price trend changed to a bearish one. This was highlighted by the Parabolic SAR, wherein the dotted markers were found to be lining above the price bars, indicating a change in this price trend.
Interestingly, it was recently reported that ZRP has 400 active markets with XRP/USDT pair listed on Binance to have the most significant volume.