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The price of XRP, the fifth-largest cryptocurrency, turned green for the first time in six days. At the time of writing, XRP was up 0.83% in the last 24 hours to $0.483.
XRP has been on a steady decline since October 7, marking six days in the red. The bulls attempted to shorten the bears’ ride as XRP struggled to get into the green and remained so at press time.
The current scenario shows indecision between bulls and bears, and both are not sure what the next market trend will be. That said, if the bears win in this current fight, XRP would enter its seventh day of losses.
Meanwhile, the positive news that XRP replaced USDC on the HKVAC indices might have boosted the bulls slightly. On October 13, Hong Kong index company HKVAC revealed its top five cryptocurrency indices: BTC, ETH, USDT, BNB, and XRP. USDC was removed and XRP was included.
The cryptocurrency market is showing first signs of recovery after a week-long sell-off.
The week saw the release of key inflation statistics, which exceeded expectations. Conclusions from the most recent FOMC meeting revealed that rates could rise once again before the monetary tightening cycle ends.
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If XRP bulls gain the much-needed strength to trigger a rally, XRP may first face the daily MA 50 barrier at $0.508, followed by the daily MA 200 barrier at $0.529. A breakthrough at these crucial levels would be the first test of strength.
On the other hand, XRP may approach significant support at $0.459 if the bears continue selling.
