Ripple can hold the XRP up, but not against the market on selling mode

  • XRP/USD loses critical support and enters negative territory.
  • The shift to the downside is reversible, as indicated by the technical indicators.
  • XRP's current dependence on political or legal decisions covers the future with a layer of uncertainty.

The bullish reaction in the XRP/USD following the news of the nomination of Michael Barr, a former US Treasury official and once a key member of Ripple's advisory board, as head of the
Office of the Comptroller of the Currency (OCC) has been short-lived.

Finally, the market is succumbing to the downward pressures and moving sharply lower, led by Bitcoin, which has broken the triangular figure downwards.

The impact on the XRP/USD pair is more critical, as SEC's lawsuit against Ripple Ltd left the technical side of the XRP in a bad way.

The XRP/USD is currently trading at a price level of $0.285.

As we can see on the 4 H chart, XRP is losing the support of the short-term bullish trend line (A) and entering a clearly negative price segment of the chart.
Below the current price, the first support level is at $0.27, then the second at $0.241 and the third one at $0.205.

On the upside, technical indicators are giving hope of a sudden change in the situation, with a MACD (B) languishing just above the neutral level of the indicator and retaining a slight upward profile.
Looking at the Directional Movement System indicator (C), the bulls are still above the ADX line, indicating that the buying side is still in control. Bears are reacting to today's fresh selling upside down, but are still far from disputing the bulls' dominance.

Above the current price, the first resistance level is at $0.29, then the second at $0.30 and the third one at $0.3098.  Above these resistance levels, the XRP/USD pair could pick up strength and move higher if the rest of the crypto Top 3 – already back from its new all-time highs – allows it to do so. 

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast