The price of XRP increases after the recent decline

The price of XRP has dropped by over 10% in the last 24 hours, but is slowly recovering after strong support has been determined over 1.2 USD.

The general cryptocurrency market has dropped in the past few hours, with most leading cryptocurrencies lost more than 10% of their values. XRP has developed well in the past few months, but the market has now turned and the cryptocurrency has been driven into a bearish divergence.

After yesterday's slump, XRP has managed to bypass the $ 1 level after the support was made in the $ 1.20 region.

XRP price view

A look at the 4-hour diagram of XRP / USD shows that the cryptocurrency is slowly recovering from its latest losses. XRP has already risen by $ 2% in the last hour, while XRP / USD has built up strong support at USD 1.24 and is now close to USD 1.38 at the time of this report.

If the positive trend continues, XRP could soon reach its simple sliding 100-day average at $ 1.50.

XRP / USD 4-hour chart. Source: coeralyze

Important technical indicators such as the MACD and the RSI show that XRP is in the declining area. If the declining mood on the market has increased, XRP could suffer further losses in the coming hours. If the price breaks out of its channel, XRP could lose the level of support of USD 1.24.

XRP supporters press for Tesla adoption

The market collapsed after Elon Musk's tweet. Musk said Tesla would no longer accept Bitcoin due to the effects of cryptocurrency on the environment. Tesla said that other energy-efficient cryptocurrencies will deal, and some XRP enthusiasts on Twitter are already pushing for the takeover of XRP by the electric car manufacturer.