Buyers are unable to shake off resistance at the 100 and 200-hour MAs
Ripple is down by over 11% on the day on the Bitstamp exchange. At one point, it fell by more than 15%. This comes after news that a Japanese cryptocurrency exchange halted all withdrawals and also stopped trading in all coins except Bitcoin.
But looking at the chart, the exaggerated decline today in XRP could be due to exhaustion on the buyers' end. Over the last week, they've been trying to get above the 100 and 200-hour MAs but time after time, they've failed.
Over the last day, prices traded in between the 100 and 200-hour MAs, and then just below the 100-hour MA (red line) today, before falling back down.
But buyers are finding support at the 22 January low for the time being. If they are to make a run to the upside and break out to the topside, then finding a way past the 100 and 200-hour MA is key.
And right now, we've not been getting any good news from the cryptocurrency space. So, that's likely to keep buyers' conviction on the tamer side for the time being.
