Share:
  • Ripple's token has reached an important support area.
  • The recovery above $0.27 will mitigate the bearish pressure.

Ripple's XRP is changing hands at $0.2323. The fourth-largest digital asset has lost over 2% since the start of the day and 8% on a day-to-day basis. The bearish sentiments triggered by BTC sell-off and panic in a DeFi sector. However, several technical factors increased the pressure on XRP and brought it to the inflection point. Let's have a closer look at what may be in store for the Ripple's token.

XRP/USD: The technical picture

On a weekly chart, XRP/USD has been moving inside a downward-looking channel created by the SMA100 (currently at $0.2874) and SMA50 (now at $0.2287). The price made several attempts to engineer the bullish breakthrough, but all of them failed. As a result, XRP/USD dropped to the critical support area of $0.23, reinforced by the above-mentioned SMA50. A sustainable move below this level will increase the bearish pressure with the next support at $0.2140. This barrier is created by the broken downside trendline from June 6 high. A move below this area will signal that the upside correction is over.

XRP/USD weekly chart

On the daily chart, the technical picture confirms the importance of the above-said support areas as $0.23 is reinforced by the daily SMA100. At the same time, the broken trendline coincides with the SMA200 and the upper boundary of the previous consolidation channel. On the upside, the local resistance comes at $0.2680 (the daily SMA50). Once it is out of the way, the upside will gain traction with the next focus on $0.2874 and $0.30. 

XRP/USD daily chart

To conclude: XRP/USD reached the inflection point at $0.23. If this barrier is broken, the sell-off may start snowballing and bring the price to the broken downside trendline at $0.2140. On the other hand, a move above $0.2680-$0.27 will elevate the immediate bearish pressure and allow for an extended recovery towards $0.30.

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

This is how XRP whales and the Ripple community set the altcoin up for a 20% rally

This is how XRP whales and the Ripple community set the altcoin up for a 20% rally

XRP price took the entire crypto market by surprise after the massive spike observed on March 19. The single-day increase was the biggest rise noted by the altcoin since September 2022, which set investors scrambling as they tried to make the most of it.

More Ripple news

Optimism Price Forecast: Could the Arbitrum airdrop send OP 12% south as market rival makes headlines?

Optimism Price Forecast: Could the Arbitrum airdrop send OP 12% south as market rival makes headlines?

Optimism price (OP) has been moving horizontally within a fixed supplier congestion zone and could break out soon. The expected trajectory for OP comes amid an alt season with rival Ethereum Layer 2 (L2) token Arbitrum holding its airdrop event. 

More Optimism News

Here is what you can expect from Arbitrum price after major exchanges list ARB

Here is what you can expect from Arbitrum price after major exchanges list ARB

Binance, Coinbase, Bybit, and Huobi crypto exchanges, among others, have confirmed plans to list Arbitrum ARB token ahead of Thursday's airdrop. After the airdrop, users will be able to trade ARB/BTC and ARB/USDT pairs. 

More Arbitrum News

SEC issues alert, states crypto service providers may not be complying with US laws

SEC issues alert, states crypto service providers may not be complying with US laws

The crypto market has been in the crosshairs of the Securities and Exchange Commission (SEC) for a while now. The lack of clear regulations and the recent collapse of crypto companies and tokens has increased concerns among investors. 

More Cryptocurrencies News

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge. 

Read full analysis

BTC

ETH

XRP