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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.

More Bitcoin News

Stellar aims for new all-time highs if key support holds

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

More Stellar Lumens News

Cardano resets before the next leg up to new all-time highs

Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

More Cardano News

Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

More Algorand News


Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast