Ripple price analysis: XRP/USD descending channel dwindles bulls' hope for a reversal


  • Ripple was among the worst hit with declines hitting lows close to $0.2800.
  • XRP/USD will remain in the sideways trend unless sudden movements occur in either direction.

XRP/USD is up a subtle 0.05% on Monday to trade at $0.300. The price seems to be cultivating sideways trading following the stormy weather experienced last week across the market. Unlike, other major cryptocurrencies, Ripple was among the worst hit with declines hitting lows close to $0.2800.

While there has been a correction above $0.2900 support turned resistance and $0.3000 hurdle, its upside is limited below the 23.6% Fib retracement level between the last swing high of $0.3799 and a swing low of $0.2834. Marginally above this level, the 50 simple moving average (SMA) 4-hour will limit upward movement at $0.3078.

The fact that the 50 SMA is below the longer-term 100 SMA, it means that the bears have the upper hand at the moment and in coming sessions. The Relative Strength Index (RSI) at 50.00 has been averaging since the dip on April 26. The ranging trend means XRP/USD will remain in the sideways trend unless sudden movements occur in either direction. The MACD in the same range is steadily moving upwards towards the positive region to show that the buyers' influence is not negative but weak.

XRP/USD 1-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. 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum price to reach $19,000 in the current cycle, suggests ETH trading history

Ethereum has posted better than 900% gains over the past year, offering traders and holders a high risk-adjusted return compared to other altcoins. Ethereum’s historical price action has paved the way for a run to $19,000. 

More Ethereum News

Bitcoin open interest skyrockets as investors prepare for BTC price at $250,000

The launch of ProShares Bitcoin ETF has analysts predicting a target of $250,000 for the end of the cycle. Crypto traders have waited a long time to launch the Bitcoin futures ETF, and the upcoming rollout has triggered a rally in BTC price. 

More Bitcoin news

MATIC price primed for 80% breakout as Polygon approaches critical resistance

MATIC price is traversing an ascending triangle pattern and is edging closer to a breakout. A decisive close above the $1.71 resistance level will confirm the start of an uptrend. 

More Polygon News

Stellar's XLM won't face the same legal issues in the US as Ripple did

The United States Securities & Exchange Commission’s (SEC) lawsuit against Ripple and XRP has moved from something that was supposed to be quick to a battle of attrition.

More Stellar Lumens News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP