The cryptocurrency market has been bearish for some time now. Though many cryptocurrencies like Ripple (XRP) have been and are still being affected by the bearish momentum without any sign of rising up. Sparklo (SPRK), a new cryptocurrency investment project, happens to be one of the latter. With just a few months since its presale, this newcomer cryptocurrency has shown it means business and is ready to perform better than its predecessors.
Ripple's price attempted to break through the $0.5400 zone against the USD dollar last week. The XRP/USD pair reached a high of $0.5380 after failing to gain bullish momentum.
The price dropped below the $0.5000 support level and entered the negative zone. As the bears took control, the price was forced below the $0.480 support level. On the 4-hour chart of the XRP/USD pair, there is a significant bullish trend line with support at $0.5100.
Ripple (XRP) support level of $0.4400 was tested. A low close to $0.4403 was formed, and the price is currently recovering its losses. Currently, it is trading above the 55 simple moving average (4 hours) and $0.500. There was a little rise over the 23.6% Fib retracement level of the slide from the $0.5382 swing high to the $0.4403 low.
Ripple (XRP) is approaching the $0.4990 barrier. It is around the 50% Fibonacci retracement of the drop from the $0.5382 swing high to the $0.4403 low.
The next vital hurdle is located at the $0.500 mark. An uptrend might resume with a clean break over the $0.4990 and $0.5000 resistance levels. If this happens, Ripple (XRP ) may breach the $0.5200 resistance. Any further advances may push the price above the $0.540 resistance.
On the downside, the area around $0.450 gives initial support. The next key support level is about $0.440. If there are any further losses, the price of Ripple (XRP) may move toward $0.420 and maybe touch the $0.4000 threshold down there.
Currently, the price of Ripple (XRP) is $0.46, a change of -1.25% over the last 24 hours. Overall, if the price remains below the $0.500 resistance level, it will continue to incur losses.
Sparklo, the world's first blockchain-based investing platform, offers fractional investments in silver, gold, and platinum. Sparklo will address the issue of limited access to precious metals investments such as silver, gold, and platinum by combining the advantages of holding these conventional assets with those of using a blockchain.
Investors who buy precious metals on the website will receive a fractionalized NFT that has been issued and is backed by the same value as the real commodity. The physical item (silver, gold, or platinum) can be delivered to a place of the buyer's choice if they acquire the complete NFT.
In addition to making it possible for anybody to invest in precious metals, Sparklo will use blockchain technology to create a worldwide marketplace for buyers and sellers.
According to some prediction experts, Sparklo's growth will exceed 5,000x by the end of 2023 because of the platform's potential applications.
Currently in pre-sale, Sparklo (SPRK) is priced at $0.015. As a result, early investors have the chance to buy it for a very low cost.
Buy Presale: https://invest.sparklo.finance
Website: https://sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.