Ken Chigbo
Independent Analyst
- Ripple runs into strong resistance within the early $0.70 region, known supply zone.
- Bearish momentum could see XRP/USD given back last week’s gain.
The Ripple price is seen down some chunky 8% in the opening start to the week on Monday, losing ground in a very key area of resistance, seen at the early part of $0.70 region. There is a sell-off seen across the crypto market, as it could very well be that the path to recovery has run out of steam again.
Across last week, a decent recovery in the crypto prices was being observed, a substantial pick up for a lot of the major altcoins. There were gains as much as 20% seen for the likes of Ripple, however it appears the rallies the market observed, are once again being sold by the bears.
XRP/USD technically has the bearish momentum to deal with, it ran into some very strong selling, this is a known supply zone within $0.70. Back on 19th March, the price ran into bears, where it was driven lower down to $0.45, in the matter of some days. Should this downside pressure pick up some pace, it wouldn’t be too surprising to see last week’s gains given back, with price heading to support within $0.40 zone.
XRP/USD
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?