- XRP price slips below the vital level, unable to find support.
- Global markets are on the back foot, and a new round of sanctions is on the docket.
- Expect to see XRP tank roughly 6% today to find a level for a bounce-off.
Ripple (XRP) price is having an issue finding new investors and traders as the rally starts to fade little by little, with this morning slipping back below $0.8390. The Relative Strength Index (RSI) shows an alarming development that could be a sign for XRP price to drop today by 6%, which would mean Ripple price giving back its gains from last week. The only element that could keep the rally together is the monthly pivot at $0.8075.
XRP price sees monthly pivot as only support, preventing a 6% intraday drop
XRP price had a positive Sunday performance with a close above $0.8390, but things fell apart in the ASIA PAC session as bulls were unable to run price action upwards, let alone see more bulls coming in at $0.8390. Instead, XRP price dropped below it. With that drop, bears are flushing out some bulls on the way down as no support is present in the nearby vicinity.
Ripple price could be in trouble for today as the RSI is showing a divergence to the downside. Although prices are getting squeezed toward each other, the RSI is slipping toward 50 and looks set to slip below 50, revealing that bears are using the scepticism of last week to squeeze out bulls further. Expect to see bears trying to push XRP price toward $0.7843, with only the monthly pivot at $0.8075 as the line of defence preventing that. With only one actual test on the first day, that reputation looks feeble to hold.
XRP/USD daily chart
As sentiment for the week still needs to be set, a quick turnaround could still come, should equities with Nasdaq as a leading indicator jump-start the week to the upside. That would signal risk-on to the markets, with bulls pouring into risk assets across the board. That activity would push XRP price back above $0.8390 and target $0.8791 to the upside, which would mean a 4% gain for Monday.
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
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.