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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast