Technical Analysis: XRP Falls 10%, as ANC Climbs Higher

XRP fell by over 10% on Tuesday, as bearish pressure once again intensified in crypto markets. As of writing, the global cryptocurrency market capitalization was almost 5% lower, following marginal gains this morning.

Biggest gainers

The bleeding in crypto markets continued this afternoon, as such, it was difficult to find any remaining bulls due to the sea of red candles.

Relatively speaking, there were a few which managed to stand out, the most notable of them being anchor protocol.

As of writing, anchor protocol (ANC) is up almost 9%, after hitting an intraday high of $2.78, which is its highest level in almost six weeks.

Technical Analysis: XRP Falls 10%, as ANC Climbs Higher
ANC/USD – Daily Chart

This move comes just as ANC/USD rallied above its resistance of $2.60, and made a move for a higher ceiling of $2.90.

Tuesday’s run also saw the 14-day Relative Strength Index (RSI) climb, and now tracks at 64, which is marginally below its own resistance level of 68.

ANC has lost some ground from earlier highs, as profit takers chose to liquidate positions, however, if the RSI moves towards 68, we may see these highs return.

Biggest losers

There were dozens upon dozens of losers in the crypto top 100 on Tuesday. As of writing, SHIB and ADA were down 7.5%, with DOT and MATIC falling between 4-6% respectively.

Although, the biggest to fall was XRP, which was over 10% lower during the course of the session, and 15% over the last 7 days.

XRP fell to an intraday low point of $0.6788 on Tuesday, following a high of $0.7732 to start the week.

Today’s low was its weakest since its opening candle on February 6, where it then climbed to a 1-month high of $0.8390.

Technical Analysis: XRP Falls 10%, as ANC Climbs Higher
XRP/USD – Daily Chart

Unlike three weeks ago, momentum in crypto has significantly shifted, with bearish momentum continuously picking up.

This has pushed price strength deep into oversold territory, with the 10-day, short-term moving average also showing signs of further declines.

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Could a $0.6020 floor be next for XRP? Let us know your thoughts in the comments.'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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