Ripple price analysis: XRP/USD recovers from $0.8100 as US regulators crypto discussions never happened
- XRP marginally higher on the day, recovering from Monday lows.
- Investors discuss possible fake news about crypto hearings at SEC and CFTC.
Ripple is recovering after several days of a slump. The third largest coin with a current market value over $33B reversed from the low of $0.8100 as fresh buying interest clustered around important support zone helped to mitigate the selling pressure. XPR/USD is trading at $0.8400 handle, off Asian low registered at $0.8237.
Meanwhile, crypto community is discussing the alleged hearings on digital assets status with CFTC and SEC that was supposed to take place on Monday but never happened. It seems that we have just had another instance of fake or unconfirmed information disseminated by a reputable media outlet.
Ripple's technical picture
XRP/USD is well supported by $0.8100 level, strengthened by 200-DMA. This area is likely to limit the downside for the time being, though once it is broken, the sell-off may be extended towards the next critical level at $0.800 and $0.7669 (100-DMA). As it is visible on the daily chart, the price is moving within a channel slightly tilted to the downside, though a clear break above $0.9300 will destroy the bearish setup.
XRP/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
