Ripple is South Korea’s hottest cryptocurrency, however XRP worth stays underneath strain

  • XRP / USD bounces off the intraday low of 0.2647 and stays below the 21-day SMA for the fifth day.
  • Messari report suggests that BTC and XRP are the most popular in Korea.
  • Multiple falling trend lines and an ongoing break in the previous support line link trading among the major SMAs to keep the ripple bears hopeful.

According to the latest report from Messari, Bitcoin and Ripple are the most popular cryptocurrencies in South Korea. The study is based on data from Bithumb, Corbit and Coinone for fiscal year 2019.

While BTC / USD recently established its market favorite status with a new record high and also stayed above the major SMAs, ripple prices have been on shaky ground lately.

That said, XRP / USD is consolidating recent losses and taking bids from the intraday low to 0.2690 early Tuesday. Even so, ripple prices keep trading below the 21-day SMA while maintaining the downward movement of an ascending trendline from December 29th in mid-January.

Not only the continued trading below the immediate SMA and the extension of the previous support break, but also the downward performance below the falling trend lines from January 10th to December 25th show the weakness of the XRP / USD.

As a result, sellers are currently targeting the monthly low of 0.2400, while any further weakness needs to break below the December 23rd low of 0.2126 to please the XRP / USD bears.

Meanwhile, a 21 day SMA upside at 0.2881 will challenge a two week old resistance level near 0.3010.

However, any uptrend past 0.3010 must cross the confluence of the 50-day SMA and a downward sloping trendline by 0.3530 from the end of December.

XRP / USD daily chart

Trend: bearish

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