$XRP and other cryptocurrencies are getting rejected at resistance levels following at least two bearish events for the cryptocurrency market
is slowing down. The biggest digital assets have already lost around 5% of their value, including Ethereum, Bitcoin and XRP.The 20% rally XRP has showed us in the last few days did not transform into a full reversal as some market participants expected. Unfortunately, the coin stopped at the local resistance level of $0.4.Coincidentally, the psychological resistance level stayed around the 50-day moving average that acts as a serious barrier for assets that are moving in a sharp downtrend.
The"macro" reason would be the European Central Bank's first rate hike since 2011. The majority of financial analysts were expecting a similar decision from the European regulator, considering the inflation rally that caused the parity of the Euro with the U.S. Dollar, which is something we have not seen for the last 20 years.
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