Tanya Abrosimova
Independent Analyst
- Ripple's coin has been unable to develop the upside momentum above $0.32
- The downside correction may be stopped by $0.3100.
Ripple's XRP crashed from the intraday high of $0.3246 to as low as $0.3144 in a matter of minutes amid a massive wave of bearish sentiments that flooded the cryptocurrency market. RP/USD is changing hands at $0.3174 at the time of writing, monthly unchanged on a day-on-day basis.
Ripple's technical picture
On the intraday charts, XRP/USD is locked in a tight range limited by $0.3200 on the upside and $0.3100 on the downside. An unsuccessful attempt to clear the upper boundary of the channel, created an additional bearish impulse for the coin.
The initial support is created by the area $0.3160-$0.3170 created by a confluence of SMA200 (Simple Moving Average) and the lower line of the Bollinger Band on 1-hour chart. a sustainable move below this area will increase the bearish pressure and push the price towards psychological $0.31 strengthened by the lower line of 4-hour Bollinger Band.
On the upside, $0.32 remains the key for the extended recovery, strengthened by SMA50 1-hour and the middle line of 1-hour Bollinger Band. It is closely followed by the upper line of 4-hour Bollinger Band at $0.3270.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.