Tanya Abrosimova
Independent Analyst
- XRP/USD has recovered from the recent low, but the upside is limited.
- The critical local resistance is created by $0.1800.
XRP/USD has settled in the middle of $0.1700-$0.1800 range after a sharp sell-off to $0.1691 during the past weekend. At the time of writing, the coin is changing hands at $0.1766, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. Ripple's XRP is the fourth-largest digital asset with the current market value of $7.8 billion and an average daily trading volume of $1.14 billion. The coin is still down nearly 7% on a weekly basis.
XRP/USD: technical picture
On the intraday chart, XRP/USD dropped below 1-hour SMA50 (currently at $0.1770) after a failed attempt to push through the local resistance created by $0/1790-$0.1800. This area included the highest level of the previous day and 1-hour SMA100. Once it is out of the way, the upside is likely to gain traction with the next focus on the lower boundary of the previous short-term consolidation range at $0.1860 followed by $0.1900.
On the downside, the local support at $0.1750 (the lowest level of the previous day). If it is broken, the sell-off may be extended towards psychological $0.1700 and the weekend low of $0.1691. The RSI is flat in a neutral position, which means the coin may continue consolidating in the current channel.
XRP/USD 1-hour chart
-637290951710449359.png)
On the daily chart, the local resistance is created by the middle line of the daily Bollinger Band at $0.1860. It is followed by a stronger barrier of $0.1950, created by a combination of daily SMA100 and SMA50. A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.2000-$0.2030 that served as a strong resistance area in the beginning of June.
XRP/USD daily chart
-637290951952020899.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.