- Ripple is on the chopping block together with other cryptocurrencies .
- On Tuesday, the rout in cryptocurrencies only got more prominent, with Bitcoin descending 3.4%.
- Buyers seem patient rather than stepping in as overall concerns on global recovery are denigrating favorable tailwinds.
Ripple has not behaved well during the past week. Ever since XRP broke out of the pendant to the downside, it has lost almost 20% of its value. It could lose more as global markets and investors remain in panic mode over concerns about the global recovery and a possible third covid wave as infections rise again.
XRP will need to show a decent price cut before it can attract buyers
With another day of strong risk-off sentiment in the global markets, cryptocurrencies are the first on the chopping block to be cut out of any portfolio. Monday was yet another demonstration of that. Next to equities, cryptocurrencies got hit hard.
On Tuesday a recovery in the equity space is afoot, with some European indices paring losses. In cryptocurrencies, however, the tone from yesterday is continuing. It looks as if buyers only want to step into cryptocurrencies to enjoy a very nice discount in price action. For Ripple, the $0.50-marker is the next level where sellers might look to profit.
XRP/USD daily chart
XRP is, from a psychological point of view, an excellent buy at $0.50. Technically though, short sellers will look to complete the trade in full at $0.48, so it is better to wait for the dip just below $0.50 before getting long on Ripple.
To see this happen, buyers will also want to see further gains in global equities and see risk-on sentiment returning. Instead of just the technical buy signal, buyers will also want to confirm that risk appetite is present and whether it is the right moment and sentiment to buy in large on Ripple coins.
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
Dogecoin bulls defend lifeline support as risk-off sentiment continues
Dogecoin price stays below three major daily moving averages after Elon Musk severed perceived ties to D.O.G.E., the agency. Uncertainty in global markets over Trump’s tariff war heightens risk-off sentiment.
Bitcoin recovers as dominance increases, signaling a shift amid market stress
Bitcoin price recovers slightly, trading above $84,000 on Tuesday after falling 4.29% the previous week. Crypto Finance reports that Bitcoin’s dominance rose to 61.4%, reflecting a shift toward BTC as a resilient asset amid market stress.
Solana Policy Institute launch to shape policies for decentralized networks
Solana Policy Institute aims to educate policymakers on decentralized networks like Solana. SPI plans to unite Solana's ecosystem voices to demonstrate the technology's economic and social benefits amid debates over its decentralization and reliability.
Tether adds to Bitcoin reserves with over $735 million withdrawals from the Bitfinex hot wallet
Arkham intelligence data shows that Tether added 8,888 BTC worth $735 million from the Bitfinex hot wallet. The address currently holds 92,000 BTC, worth $7.65 billion, and is also the sixth-ranked BTC wallet address.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.