Ken Chigbo
Independent Analyst
- Ripple price up 1.5% during Thursday’s session as the bulls look to regain control.
- XRP/USD resistance will be seen heading into the psychological $1.00 mark, but it is a realistic near-term target.
The Ripple price is seen up 1.5% on Thursday, bouncing back from the pressure of the last session on Wednesday. XRP/USD has dropped around 15% at one point in the day, as inline with a large cooling of pricing seen across the crypto market.
XRP/USD dropping as sharp as it did was not a total shock, the price had been rising from the 10th April, at quite some serious pace. Ripple had jumped over 80% over the course of two weeks, which is some incredible gain.
Support looks to be strong within the $0.72-0.75 region, the buying interest in this area has proven to prop up the bulls. As long as this holds, there isn’t a reason as to why XRP/USD can not move back above $1.00 in the short-term. Resistance will be seen heading into this psychological number, the price has not been here since 5th March.
XRP/USD daily 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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.