- XRP/USD sells the news after SPARK snapshot, ahead of the airdrop.
- The No. 3 coin teases a symmetrical triangle breakdown on the 4H chart.
- The path of least resistance appears to the downside.
Ripple (XRP/USD) bucks the positive trend seen across the crypto board, with ‘sell the news’ trading in play in the aftermath of Saturday’s SPARK snapshot.
The token wallows in the lower band of its recent tight trading range, as the bears fight back control in the lead up to the SPARK airdrop showdown. At the time of writing, XRP/USD sheds nearly 3.5% to trade around$ 0.5270, having recaptured the $0.50 level.
Flare Networks, a blockchain project that introduces smart contract functionality on the XRP ledger, took a snapshot of the network early Saturday and distributed SPARK tokens to all XRP holders on a one-to-one ratio.
It’s worth noting that the number of XRP whales accumulated the XRP token and sent the holdings to a new all-time high.
XRP/USD technical outlook: Poised for a downside break?
XRP/USD: Four-hour chart
Ripple is primed to dive out from the recent consolidative phase, which has taken shape of a symmetrical triangle on the four-hour (4H) chart. A downside break appears in the offing as depicted by the technical set up on the said timeframe.
XRP sellers need a four-hourly closing below the rising trendline support at $0.5135 to validate the triangle breakdown, with the immediate cushion seen at the bullish 200-simple moving average (SMA) at $0.4690.
The Relative Strength Index (RSI) inches lower towards the oversold territory, currently at 37.28, suggesting more room southwards. The next critical support awaits at $0.30.
Alternatively, acceptance above the critical resistance at $0.5800 could open doors towards a retest of multi-year tops of $0.7843. Ahead of that, an immediate 100-SMA barrier at $.5908 could come into play.
XRP/USD: Additional levels to consider
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.