Ripple’s XRP retests $0.40 as the Bitcoin trades below $30k

Currently trading at $29.2k, the Premier cryptocurrency Bitcoin is down 3.6% during the day and 26% over the month.  During the past 7 days Bitcoin tested the $31k on multiple occasions, but failed to cross the price mark as it serves as the strong resistance. While in the meantime Bitcoin’s average price remained $29.5k, it is only able to go as high as $30.7k. With a key support at $28k, in the short-term Bitcoin must cross $31k to bring the market confidence back. At the moment there is extreme fear in the market. As the Bitcoin fear and greed index currently stands at 12.

XRP Price Analysis

As a consequence of the bear market, Ripple’s XRP is suffering as well. Down 5.5% during the day, XRP is currently trading at $0.40. In the past 7 days Ripple’s native approached $0.40 multiple times, but continuously remained above the price mark. With the 4% price decrease, XRP’s average price has remained $0.41 in the meantime.

The $0.40 price mark is key here. If the coin breaches below $0.40, further losses will be certain. However, if the coin successfully breaks above $0.45, gains will be ahead. As per technical analysis XRP is currently trading below 55 4 hour simple moving averages.  The key resistances are $0.43 and $0.45. Whereas, the coin is getting support at  $0.40 and $0.39.