Tanya Abrosimova
Independent Analyst
- Ripple's XRP is vulnerable to new losses as long as it stays under $0.1900.
- The initial support is created by 23.6% Fibo retracement.
Ripple ha settled below $0.1900, which is a bearish signal for the coin in the short run. At the time of writing, XRP/USD is changing hands at $0.1880, mostly unchanged since the beginning of Tuesday, though it has regained some ground on a day-to-day basis. Ripple is now the third-largest digital asset with the current market value of $8.27 billion and an average daily trading volume of $2 billion.
XRP/USD: Technical picture
On a daily chart, XRP/USD is still moving below the upside-looking trendline (currently at $0.1940). A failure to get back above this barrier will weaken XRP's chances to get the recovery back on track and put the recovery from March 13 low at risk. Meanwhile, the psychological barrier $0.1900 is reinforced by daily SMA50, which means XRP bulls will have a hard time trying to claw back some ground.
A sustainable move above $0.1940-$0.1950 will open up the way to a psychological $0.2000. However, considering the lack of momentum and flat RSI a strong recovery looks unlikely at this stage.
On the downside, the critical support comes at $0.1800 (the middle line of the daily Bollinger Band). A decisive move below this area will open up the way to $0.1720-$0.1700 (4-hour SMA200 and 23.6% Fibo retracement for the downside move from February 2020 high) and $0.1600 ( the lower line of the daily Bollinger Band).
XRP/USD daily chart
-637224491230057458.png)
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
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin 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 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.