Ripple

Following the breakdown on January 11, XRP corrected upward and resumed a range bound movement between $0.26 and $0.31.

On January 12, 2021, Ripple (XRP) is making a downward move after the rejection at the $0.35 high. The altcoin is falling because of the failure of the bulls to break the resistance at the recent high.

Ripple is in a downward correction after its rally above $0.36 high. Today, the altcoin is trading at $0.31 at the time of writing.

Over the past 48 hours, Ripple has begun the resumption of an upward move. Traders have commenced buying at current levels.

2020 was quite a controversial year for the cryptocurrency industry. It started with the bearish sentiment, triggering the collapse of the market. However, the second half of the year turned out to be positive for cryptocurrency, as COVID-related lockdown triggered a significant interest in it.

Ripple is consolidating above $0.21 support as the price action is characterized by small body candlesticks. These small body candlesticks are called Doji and Spinning tops.

Ripple (XRP) has been battling with deeper correction after the breakdown to $0.18 low on December 28, 2020. At the beginning of 2021, Ripple price made an upward move.

Jay Clayton, the Chairman of the US Securities and Exchange Commission (US SEC) resigns from his post in front of New Year. Jay threw in the towel after putting pressure on Ripple Inc. accusing the company of involving itself in the sale of unregistered digital asset securities worth $1.3 billion.

Sellers have broken the $0.21 support signalling a further downward movement of the coin. The $0.21 support was the previous low where the coin fell before correcting upward.