XRP Falls 10%, as ANC Climbs Higher – Market Updates Bitcoin News

XRP lost more than 10% on Tuesday due to increased bearish pressure in the crypto markets. After marginal gains today, the global crypto market capitalization had fallen to 5% as of this writing.

The biggest gainers

Due to the flood of red candles, crypto market bleeding continued today. It was therefore difficult to locate any bulls.

There were some that stood out relativelly speaking. The most prominent being anchor protocol.

After hitting an intraday record of $2.78 (which is almost six weeks ago), anchor protocol (ANC ) has risen almost 9% to the time of writing.

This comes as ANC/USD surged past its resistance at $2.60 and has made a move to a higher ceiling, $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 lost ground to earlier highs as profit-takers decided to liquidate their positions. However, if the RSI is moving towards 68 we might see these highs returning.

Biggest losers

The crypto top 100 had dozens and dozens of losers on Tuesday. SHIB was down 7.5% and ADA fell 4.6% as of the writing. DOT, MATIC, and MATIC also declined between 4-6%.

However, the largest to drop was XRP which dropped over 10% during the session and an additional 15% in the past 7 days.

After a peak of $0.7732 at the beginning of the week, XRP dropped to $0.6788 Tuesday.

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.

The momentum of crypto is shifting significantly from three weeks ago. Bearish momentum keeps picking up.

Price strength has fallen to oversold territory. The 10-day short-term moving Average also shows signs of declines.

Could an XRP floor of $0.6020 be the next step? We’d love to hear your comments.

Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.