Ripple market update: XRP/USD slightly up-trending market lacks strength


  • Ripple is lethargic below the descending trendline resistance.
  • The current mundane trading is making it difficult to foresee possible future movements.

Ripple has remained relatively unchanged over the last few days. The upside has become a no-go zone with resistance impenetrable resistance barriers. A lower high pattern has been the norm under the visible descending resistance.

Meanwhile, the four-hour chart shows XRP/USD trading below the simple moving averages where both the 50 SMA and the 100 SMA are limiting movements at $0.2570 and 0.2583 respectively.

A sideways trend is the most likely movement at the moment, although a broader look at the chart, reveals a gradually upward sloping trend above the main bullish trendline. Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) show the lack of power to force action to the upside. The MACD is lethargic in the negative region while the RSI is dragging its recovery around the average.

The most visible support area is $0.250 while the primary support lies at $0.2400. At the moment, it is difficult to tell where this directionless trend is heading. Therefore, traders must be on the lookout for possible breakouts either side.

XRP/USD 4-hour chart

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 & Analysis

Editors’ Picks

Bitcoin and major altcoins extend the decline on Monday

BTC/USD is currently trading at $9,822 (+1.6% on a day-to-day basis). The coin has recovered from the intraday low of $9,714, however, the upside momentum is still slow. 

More Cryptocurrencies News

LTC/USD freefall to $60 seems imminent

Litecoin recently climbed several barriers including $70 and $80. Although the focus was on $100, the high formed at $84 marked the end of the rally. The price has retreated to $72, besides the bulls are fighting to keep LTC above $70. 

More Litecoin News

NEO/USD regains ground above $14.00 as Binance launches NEO/USDT futures

NEO/USD topped at $16.72 on February 14 and hit the recent low of $13.41 on Sunday amid global sell-off on the cryptocurrency market.

More NEO News

XRP/USD erased the gains of the previous rally

Ripple's XRP has been collapsing for three days in a row. The massive sell-off caused by a global correction on the cryptocurrency market wiped out all the gains of the previous week and pushed XRP/USD below $0.2700 on Sunday. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP