Ripple Price Analysis: XRP extends losses following failure to cross $0.5500 hurdle


  • XRP/USD extends weekend pullback as bears battle short-term key support line.
  • Downbeat RSI, U-turn from 38.2% Fibonacci retracement of late December to early February favors sellers.
  • Bulls need to cross $0.5830 to retake controls.

Ripple bears return to the table after a miss in crossing the $0.5500 hurdle, currently down 2.94% to $0.5030, during early Monday. In doing so, the altcoin sellers attack the previous key resistance line from February 01 amid downbeat RSI.

Given the XRP/USD sellers’ recent dominance, a clear break of the stated support line, previous resistance, near $0.5050 seems imminent, which in turn could recall the $0.5000 threshold on the chart.

However, a confluence of 21-day SMA and 50% Fibonacci retracement level, currently around $0.4650, could challenge the XRP/USD bears afterward.

Alternatively, a bounce off the nearby support line, at $0.5050, will have to cross the $0.5500 resistance before eyeing the late February tops near $0.5800.

In a case where the XRP/USD gains past-$0.5800, the $0.6000 round-figure and February 22 top surrounding $0.6500 will lure the bulls.

XRP/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.5058
Today Daily Change -0.0112
Today Daily Change % -2.17%
Today daily open 0.517
 
Trends
Daily SMA20 0.4653
Daily SMA50 0.4787
Daily SMA100 0.4058
Daily SMA200 0.3634
 
Levels
Previous Daily High 0.5463
Previous Daily Low 0.4954
Previous Weekly High 0.5204
Previous Weekly Low 0.4227
Previous Monthly High 0.7565
Previous Monthly Low 0.3406
Daily Fibonacci 38.2% 0.5148
Daily Fibonacci 61.8% 0.5268
Daily Pivot Point S1 0.4928
Daily Pivot Point S2 0.4686
Daily Pivot Point S3 0.4419
Daily Pivot Point R1 0.5438
Daily Pivot Point R2 0.5705
Daily Pivot Point R3 0.5947

 

 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opened a vote for its Gaming Catalyst Program (GCP) to boost support for game builders in the ARB ecosystem. The plan is to strategically allocate 200 million ARB to game projects within Arbitrum. The token has sustained its gains from the week.

More Arbitrum News

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

Ondo extended gains by 75% increase in the past 11 days, per crypto intelligence tracker Santiment. The token ranks among top trending assets on the platform, with a massive spike in non-empty wallets. ONDO added 4% value to its price on Sunday, sustaining 40% gains from the week. 

More Ondo News

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions in a single day reached 97.488 million. The number of user transactions and Transactions Per Second, both metrics hit a record high, supporting the thesis for price gains in APT. The rise in transaction-related metrics can be attributed to Tapos, a viral clicker game where users can earn rewards. 

More Aptos News

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump shared positive views on crypto, posting on social media platform, “I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry.” 

More Cryptocurrencies News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP