Tanya Abrosimova
Independent Analyst
- XRP/USD is recovering from recent lows, gaining over 3.5% since the beginning of the day.
- Positive news support the coin amid the global crypto collapse.
XRP/USD is the best from the worst with just 1% of losses in recent 24 hours. This result looks like a resounding victory as Ripple peers are down from 7% to 40%. Currently, XRP/USD is changing hands at $0.4939, off the recent low reached at $0.4115 on November 14. XRP takes the second place in cryptocurrency rating with a market value over $19.8B and an average daily trading volume over $1.3B.
Ripple's technical picture
From the short-term point of view, XRP/USD has entered a resistance zone created by SMA50 and SMA100 (4-hour), the sloping short-term trendline that goes down from November 7 peak $0.5537, and the psychological $0.50. Once this hurdle is cleared, the recovery may be extended towards Monday's high at $0.5130, and potentially to $0.5200
On the downside, the support lies with $0.4776 (SMA200, 4-hour) and $0.4600. A sustainable move lower will lead to an extended sell-off towards $0.4500 and all the way down to the recent low of $0.4157 (November 14).
What's the secret ingredient of Ripple's success
Apart from new partnership developments, Ripple's coin was supported by the news from Coinbase and Binance. The US-based cryptocurrency exchange has launched custody services for XRP holdings - one month after an official announcement. Meanwhile, Binance may add XRP as its base currency. At least, it is not out of the question for the CEO of the exchange Changpeng Zhao.
XRP/USD, 4-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
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.