- XRP/USD is little change on a daily basis, off the recent lows.
- Ripple needs to settle above $0.300 to negate bearish pressure.
XRP is glued to $0.30 even as other altcoins are losing ground amid Binance security breach news. While the third largest cryptocurrency managed to recover from the recent low of $0.2964 to trade at $0.2990 by the time of writing. XRP has lost nearly 2% of its value on a day-on-day basis and stayed unchanged since the beginning of the day. Ripple’s current market value is registered at $12.6 billion, while an average daily trading volume has settled at $1 billion.
XRP’s technical picture
XRP/USD has to stay above $0.30 handle to retain a positive stance. If a move below this support area is confirmed, the sell-off is likely to gain traction with the next focus on a critical barrier at $0.2870 (March 28 low), followed by $0.2815 (the lowest level of December, 15, 2018) That’s where new buyers are likely to appear.
On the upside, the first barrier that separates the coin from an extended recovery, comes at $0.31; however, the key resistance is created by a confluence of 61.8% Fibo and DMA50 at $0.3200. XRP/USD has been trading below DMA50 since the end of April, thus we will need to see a sustainable move higher for the long-term recovery to gain traction.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.