Ripple market update: XRP/USD makes one step up and two down - upside capped below $0.2950

  • Ripple explored the lows close to $0.2950 but retrace the steps above $0.3000.
  • Ripple needs to correct above $0.3000 in order to come out of the bear range.

XRP/USD has been among the worst hit cryptocurrencies amid this week’s bearish swings. The slump on Wednesday saw it break below key support at $0.3200. Ripple had been consolidating at this level following the retracement from the April 18 high marginally below $0.3500. The bear pressure on Wednesday was mostly in correlation with Bitcoin price slump from the new 2019 high around $5,632.

Ripple explored the lows close to $0.2950 but retrace the steps above $0.3000 on Thursday. However, the bullish momentum failed to correct above the 50 simple moving average (SMA) 1-hour. The seller congestion at this level couple with the investors' reaction to the news that Bitfinex exchange covered up an estimated $850 million shortfall using one the leading stablecoins on the market Tether (USDT), led to another selloff across the market.

Ripple tanked further, this time breaking yesterday’s support at $0.2950 and extended the losses below $0.2850 to form a low at $0.2827. Although there has been a correction above $0.2900, the bearish pressure on the market has capped gains at $0.2950. Besides, Ripple is trading at $0.2914. Ripple needs to correct above $0.3000 in order to come out of the bear range and embark on the much-needed retracement above the broken support at $0.3200.

XRP/USD 1-hour chart

BEST BROKERS TO TRADE CRYPTO

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.