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Ripple price analysis: XRP/USD down 2% amid declining trading volumes

  • Ripple breaks below upside trend line.
  • Focus will shift to $0.6400 if the coin fails to regain ground. 
Ripple price analysis: XRP/USD down 2% amid declining trading volumes
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple, the third largest coin by market value, is changing hands at $0.6655 after an unsuccessful attempt to clear $0.6800 handle. XRP/USD broke below short-term upside trend line and below 200-SMA (30-min chart), which gives the intraday a distinct bearish touch. The digital currency is down 2.3%% on daily basis with market capitalization registered at $25B. Subdued volatility and fairly low trading volumes keep the lid on XRP recovery attempts.

The recent class-action lawsuit also plays against XRP. While Ripple's CEO Brad Garlinghouse is sure that cryptocurrency is not a security, SEC and other US regulators have been expressing different opinions.

Ripple technical picture

Technically, XRP/USD needs to return to the area above the trend line (currently, at $0.6745) as soon as possible, otherwise, the selling pressure will increase, taking the coin towards $0.6470 (61.8% Fibo) and to psychological  $0.6400. On the upside, a sustainable movement above $0.6800 is needed to bring $0.7000 back into focus.

XRP/USD, 30-min chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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