- Ripple breaks below upside trend line.
- Focus will shift to $0.6400 if the coin fails to regain ground.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Cardano founder Charles Hoskinson proposed integration of Bitcoin Cash into a Cardano Partnerchain. 65% of 11,340 voters voted in favor of, to the contrary “No”, meaning “Ayes” have it, but this is pending confirmation.
Render Price Prediction: RNDR could hit $10 after successful breakout with ecosystem’s LD token launchpad
Render (RNDR) price is trading with a bullish bias, boasting higher highs, with the AI crypto coin not only outperforming its sector peers, but also doing better than most altcoins in the broader cryptocurrency space.
Tesla updates payment methods to include DOGE, Dogecoin price rises 6%
Tesla Inc., Elon Musk’s American multinational automotive and clean energy company headquartered in Austin, Texas, is the latest catalyst for Dogecoin (DOGE) price rally.
Sui daily transactions reach 41 million, overtakes Solana with SUI price primed for recovery
Sui (SUI) price has dipped 3 % in the past 24 hours and remains down 15% in the last week. However, other metrics suggest something could be at play in the Sui ecosystem as daily transactions skyrocket.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.