XRP erases 68% gain over last month after bears take over; 20% loss cuts deep

XRP continued its heavy downtrend that has been prevalent since the last week, demonstrating a heavy 20.24% loss in just the last week. This red run comes after an 8.37% hike in the last 24 hours.

While the coin started off the week at a high price of $0.60, it began to see its gains erased. It saw a drop to the $0.56 mark soon after on October 1st.

It hiked to $0.59 on the very same day and then saw a drop back down to $0.55. On October 3rd, it spiked back to the $0.59 mark and saw a slow decline to $0.52 over the next few days.

The coin then demonstrated a slow sideways decline until a short hike to $0.52 in the latter half of the week. It then stayed constant at around the $0.52 mark until a drop yesterday.

The coin slid down to the $0.47 from its prior price of $0.51, proceeding to drop again to the $0.46 mark earlier today.

Even as the coin is still in the green for the monthly chart, it has erased a considerable part of its profits. However, XRP HODLers who bought the coin at $0.29 last month are seeing a whopping 62% increase in price.

A look at the charts will show that there are crucial resistances for the coin at the $0.61 and $0.69 levels. The supports for the coin to stop from going down further are at the $0.452, $0.442 and the $0.324 marks.

The dominant downtrend still remains, depicted by the price movement from the $0.58 – $0.52 line. This is continued in the $0.51 – $0.47 line. The uptrend contesting this seems to be forming a base for a triangle, depicting a possible breakout in price. This is the $0.45 – $0.47 line.