- The 50 SMA will hinder growth at 0.452 and the 100 SMA at 0.45 (hourly chart).
- Ripple has stated yet another period of stability following the declines earlier this week.
Ripple was the bull among the sloth of bears in cryptocurrency market in September. The crypto corrected higher over 100% as the price traded at $0.6. However, in the last few weeks the asset has been trimming the gains. For instance, it traded lows of $0.38 in the second week of October before the buyers pushed for a bullish move. The daily chart shows that a resistance is established at $0.5.
The hourly chart, on the other hand, shows a short-term triangle that is steadily approaching a breakout. The pattern has been formed following the declines at the beginning of the week which hit the lows of $0.43. The price bounced from this support the upper limit of the range has capped the upward movement at $0.45. A break from the triangle resistance will ignite gains overwhelming the immediate resistance at $0.4450.
The 50 SMA will hinder growth at 0.452 and the 100 SMA at 0.45. On the contrary if the support is broken, XRP/USD will break down further towards $0.4 which could spark more losses heading to $0.3. Currently, Ripple is trading in a dangerous zone with the bears sharpening their teeth ready to bite.
According to the MACD the bulls are gaining traction in the near-term. The RSI confirms the rising presence of the bulls. The indicators, however, are motionless to show that the stability will continue.
In other news, the largest crypto exchange in the U.S. Coinbase is looking at a massive profit of $1.3 billion amid the declining prices in the market. As reported by Bloomberg, the exchange raised at least $8 billion in digital assets. The firm has become one of the most valuable startups. Likewise, the value of the company is much higher compared to where it was last year. This year Coinbase will announced a profit of about $456 million up from the previous $380 million.
XRP/USD 60’ 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
Editors’ Picks
Bitcoin falls below $94,000 as over $568 million outflows from ETFs
Bitcoin continues to edge down, trading below the $94,000 level on Thursday after falling more than 5% this week. Bitcoin US spot ETFs recorded an outflow of over $568 million on Wednesday, showing signs of decreasing demand.
Altcoins Tron and Toncoin Price Prediction: TRX and TON show signs of weakness
Tron and Toncoin prices extend the decline on Thursday after falling more than 6% this week. TRX and TON face rejection from key levels, suggesting double-digit cash ahead. Traders should be cautious as both altcoins show signs of weakness in momentum indicators.
BNB Price Forecast: Poised for a decline on negative Funding Rate
BNB price hovers around $696.40 on Thursday after declining 4.58% in the previous two days. BNB’s momentum indicators hint for a further decline as its Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bearish signals.
Ripple's XRP eyes recovery following executives' dinner with Donald Trump
Ripple's XRP is up 2% on Wednesday following positive sentiments surrounding its CEO Brad Garlinghouse's recent dinner with incoming US President Donald Trump. If the recent recovery sentiment prevails, XRP could stage a breakout above the upper boundary line of a bullish pennant pattern.
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.