- XRP price looked promising last month for the jump higher.
- Global sentiment in cryptocurrencies is taking a turn for the worse.
- Ripple could not break two triangle formations to the upside and looks to be losing support.
XRP price gave investors headaches again this morning after it broke to the downside. Only one support barrier is present to prevent Ripple prices from going down to $0.50.
XRP price is hanging by a thread and it looks ready to snap
XRP price looked promising and full of potential the past few weeks when it recovered from the dip at $0.50. The technical rally looked solid with several indicators pointing in the right direction.
But sentiment flip-flopped last weekend, and XRP price saw sharp declines, breaking the technical play that was driving it higher. Not only did Ripple break the big triangle to the downside, but it even sliced through below the second smaller triangle.
Temporarily, it looked like $0.645 would be strong enough to provide some support, but that gave way this morning. Now, there is just one more support left for Ripple bulls to hold onto and that is that orange descending trend line from June 1.
With even the 55-day Simple Moving Average (SMA) becoming resistance, XRP price could not stay above it anymore.
XRP/USD 4-hour chart
Ripple holds the orange descending trend line for now, but the RSI is not yet in oversold territory. This means a lower low may be in the cards, and if that gives way, a correction toward $0.50 is more than likely. Not much short-term help is available to support price action.
A bounce off the descending trend line, however, could do the trick, and if XRP price reclaims the 55-day SMA again, more upside potential could be the outcome.
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
Crypto trading volume declines further, signaling waning trader enthusiasm and market momentum
The total crypto market capitalization lost $1.01 trillion since January, while Santiment data shows that crypto-wide trading volume has dropped since February’s peak. For a healthier and more sustainable recovery, bulls look for rising prices accompanied by increasing volumes; until trading activity picks up, cautious market sentiment is likely to prevail.
BNB price tops $570 as Binance receives $2 billion investment from Dubai
BNB price rose as high as $574 on Thursday as markets reacted to news that Binance received major investments from an Abu Dhabi based firm. Derivative markets analysis shows how BNB traders are repositioning amid the latest swings in market sentiment.
PEPE price outperforming DOGE and SHIB as US CPI boosts Crypto markets
PEPE price crossed the $0.00007 for the first time this week as markets reacted to positive macro market signals. Early insights show crypto traders are displaying high risk appetite at the onset of the current market rally. Could this sustain PEPE price uptrend along with the rest of the memecoin market.
XRP records slight gains as Ripple's battle with SEC nears end
Ripple's XRP recorded a 2% gain on Wednesday following rumors of the company nearing an agreement with the Securities & Exchange Commission (SEC) to end their four-year legal battle.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
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.