Ripple’s XRP calm after hell broke loose: Recovery limited at $0.31


  • The US SEC postpones a Bitcoin ETF proposal for the second time causing panic in the market.
  • XRP has joined Bitcoin and Ethereum to explore monthly lows.
  • XRP/USD sits comfortably above $0.30 as calm sets in.

Hell broke loose again in the cryptocurrency market. The situation continues to worry investors but digital currencies continued to explore not only monthly lows but also year lows. XRP, an asset that has been praised for its ability retain most of its value amid the falling prices, suffered at the hand of the bears as the price broke the support at $0.32 and the main support at $0.3. Ripple’s XRP has traded intraday lows of $0.292 (also December low) before bouncing back up to reclaim the broke support at $0.3.

At the moment, XRP/USD is trading at $0.305 after getting stuck in a new range with an upper limit of $0.31. The 15-minutes 50 simple moving average is also standing in the way of upside movement at $0.309. If XRP escapes the range resistance it will run into another hurdle at the 100 simple moving average.

A look at the chart, we see that there is calm after the storm. XRP is stable above $0.30, however, buyers lack the momentum to push for further reversal towards $0.35. Indicators in the chart are in a range with no signals for upward or downward motion. For instance, the RSI is holding tight to the 50 percent mark while the fast stochastic is heading south to show that the sellers are still here and XRP is still at risk of dropping below $0.3 again on Friday.

In other news, the U.S Securities and Exchange Commission (SEC) has postponed the ruling on a Bitcoin exchange-traded fund (ETF) by VanEck and blockchain startup SolidX until 2019. This is the second time The SEC is delaying this proposal BTC ETF and according to the guidelines, it cannot be postponed again. This means that come 2019, the regulator will either have to approve or reject. Meanwhile, investors seem to be too afraid to commit in a bear market that no one knows when it hit its bottom.

XRP/USD 15’ chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel


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


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP