Ripple price analysis: XRP/USD must break this channel resistance for fresh investor interest


  • Ripple’s two-day recovery, unfortunately, failed to gain ground above critical levels at $0.27 and $0.28.
  • XRP support areas a $0.2550 and $0.2500 are vulnerable to declines as long as the price stays below $0.28.

Ripple price staged a shallow recovery from the recent dip. The two-day recovery, unfortunately, failed to gain ground above critical levels at $0.27 and $0.28 respectively. The situation has left investor disgruntled with some blaming the company for flooding the market with the quarterly sales.

On the other hand, Ripple maintains that sales are important for network operations and building the ecosystem. The CEO Brad Garlinghouse said that sales had been reduced and XRP’s inflation is trailing that of Bitcoin and Ether.

As mentioned, bullish price action hit a snag during the recovery precisely at the confluence formed by the trendline resistance at the 100 Simple Moving Average (SMA) 4-hour. The rejection has seen an increase in the bear activity as support areas at $0.2550 and $0.2500 continue to fill the heat.

The current technical picture is relatively bearish according to the trends of the applied indicators. The Relative Strength Index (RSI) is gradually sloping south from levels above 60. If the drop continues, XRP bears are likely to increase their positions which could push the price below $0.2500 support.

On the upside, the only way to rise above the critical levels at $0.27 and $0.28 is for XRP to blast its way out of the short-term channel. Trading above $0.27 and $0.28 will definitely revive investor interest in the asset.

XRP/USD 4-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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Forecast: BTC whales plotting a bullish attack

Bitcoin (BTC) is changing hands at $10,750, mostly unchanged since the start of the day. The cryptocurrency attempted a recovery to $11,000 on Monday but was thrown back inside the range by aggressive short-term sellers.

More Bitcoin News

Top 3 Gainers: OMG, SXP, and STORJ explode 70% and are eying up more gains

The entire cryptocurrency market is bouncing back up, strongly gaining more than $28 billion in market capitalization over the past week. Some of the biggest gainers include OMG, SXP, and STORJ. 

More Cryptocurrencies News

LINK goes through consolidation, preps for a breakout

LINK broke above the downward trending line this Thursday and is currently trending horizontally between the $10 support line and the SMA 20 curve.

More ChainLink news

Bitcoin's mass adoption passes the point of no return

Bitcoin was created in response to the Financial crisis of 2008 and developed within a narrow circle of computer geeks, coders, and libertarians fixated on personal freedom, anonymity, and independence from all sorts of authorities. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP