According to a recent report from Messari, the two most popular cryptocurrencies in South Korea are Bitcoin and Ripple. The information comes from data obtained from Bithumb, Corbit, and Coinone, for the fiscal year 2019.
While the BTC/USD market place is easily explained, Ripple prices are known to be rather shaky at the moment.
Nevertheless, XRP/USD has managed to consolidate recent losses while also picking up bids from the intraday low to 0.2690 during the first hours of Tuesday. Still, Ripple prices continue to be traded below 21-day SMA while maintaining the mid-January’s downside break of an ascending trend that started in late December.
Aside from the sustained trading below immediate SMA and the extension of the previous support break, it’s clear that XRP/USD is pretty weak at the moment, following the downbeat performance under the falling trend lines from January the 10th and December the 25th.
This makes sellers look for the monthly low of 0.2400, and any future weakness will need to drop beneath the December 23rd low of 0.2126 in order for the XRP/USD bears to be pleased.
At the same time, it is worth mentioning that an upside clearance of 21-day SMA, now at 0.2881, will have the effect of challenging a two-week-old resistance line near 0.3010.