Cryptocurrency markets have been on a downward trend, with Ripple's XRP leading the pack with a 4% price drop on Monday. The digital currency has been trading within a local channel, and is expected to maintain sideways trading near $0.50 due to its exhausted daily Average True Range (ATR).
This bearish dominance has been confirmed as XRP breached the $0.5160 level. Market watchers are keeping an eye on the key $0.50 zone, as consolidation below this level could trigger a swift plunge towards the $0.4698 support level.
The midterm picture for XRP is also leaning towards sellers, unless the price surpasses the resistance at $0.54915. If XRP hits the interim level of $0.48, a further drop to $0.45 could be imminent.
This downward trend among top cryptocurrencies underscores the volatile nature of digital assets, which continue to face regulatory scrutiny and market uncertainties globally.
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