Ripple market overview: XRP/USD still chopping chunks off the gains

  • XRP/USD is now struggling to defend key support areas.
  • Ripple working to ensure that it establishes not only for as SWIFT’s competitor but a global leader in remittances.

XRP/USD trading pair is in the red for the third day this week. The crypto’s attempts to return to the levels close to $0.5 have been thwarted by selling pressure. From being among the best performing altcoins last week, XRP/USD is now struggling to defend key support areas. The recent fall found anchorage at the 38.2% Fib retracement level between the last swing high at $0.47 and a low at $0.2927.

A correction from the support touched $0.42 but dipped under $0.4 shortly after. The price has sustained above the trendline support for the past few days. The upside, has, however, been limited under the 61.8% Fib level in turn holding Ripple within a narrow range with support at $0.38. The slow stochastic oscillator rejection from the overbought means that the prevailing trend leans more to the bears than the bulls. On the flipside if the price can come out of the range resistance at $0.40, we could then see a correction towards $0.5 as the entire market grinds higher.

XRP/USD 1-hour chart

Ripple as a company and the provider of cross-border financial solutions has been working to ensure that it establishes not only for as SWIFT’s competitor but a global leader in remittances. Recently, the CEO Brad Garlinghouse said that huge banks will have no choice but to join Ripple. He maintains that Ripple has more advance systems to SWIFT which is costly, time consuming and at times unreliable.

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

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast