Ripple overview: XRP sliding down towards the channel support
|- XRP/USD runs below $0.30 amid bearish sentiments.
- The community is puzzled by a transaction with a mysterious message.
After a failed attempt to clear $0.3100 handle, XRP/USD slipped under $0.30 to trade at $0.2974 by the time of writing. The digital asset with a market value of $12.3B is consolidating with a bearish bias, down 1.3% on a day-over-day basis and mostly unchanged since the beginning of Tuesday.
Looking technically, XRP/USD is moving within a long-term triangle pattern with the lower boundary at $0.2850 creating strong support for the coin. If the price fails to regain $0.30 handle, the sell-off will continue towards the above-said critical level, where new buy-in interest is likely to appear.
On the upside, once above $0.30, XRP/USD may proceed to the psychological $0.31 and local resistance $0.3140 created by the lower border of the previous range. A sustainable move higher will bring $0.33 and the recent high of $0.3390 back in focus.
Mysterious transaction
It is worth noting that Ripple holds about 60% of the XRP issuance and now and then sells the tokens to cryptocurrency exchanges partner institutions and other interested parties.
The transaction is nothing new, as the company transferred significant amounts from its accounts on numerous occasions. However, the cryptocurrency community is intrigued with the message that accompanied the transaction. It said “Crawl… Walk… Run… ;)”. Whatever it might mean, it does look weird.
XRP/USD, 1-day chart
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.