• Ripple's coin has been moving down rapidly amid bearish sentiments
  • The critical resistance for XRP/USD lies at $0.31.

Bears have established full control over XRP/USD recently as the coin has collapsed from above $0.40 at the beginning of the week and touched the area below $0.32 on Thursday. At the time of writing, XRP/USD is changing hands at $0.3230, down over 3% in recent 24 hours. The total market value of the coin was reduced to $13.8 billion, while an average daily trading volume is registered at $1.8 billion. 

Ripple has been expanding rapidly into the emerging markets with numerous partnership deals with banks in India, Singapore, Brazil and many other countries of the developing world. Recently, the company confirmed that it all major banks in India were working on integrating its xCurrent solution fo facilitate cross-border payments. However, the market tends to ignore the positive developments of the fintech company, as XCurrent solution does not require XRP usage.

Ripple's technical picture

Looking technically, the initial barrier is created by $0.33 handle. This area has been limiting the recovery since Thursday. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.35, strengthened by SMA50 (Simple Moving Average) on 1-hour chart).

On the downside, a sustainable move below $0.32 will expose the recent low of $0.3178. The next bearish aim is seen at psychological $0.31.

XRP/USD, 1-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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum price analysis: ETH/USD hovers above $220; upside capped at $230

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. 

More Ethereum News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP