- Ripple quickly shakes off the bear pressure aiming for $0.5.
- Short-term trend is bearish as the price reacts to the rising wedge pattern.
Ripple weathered down the recent bloodbath that send the market spiraling down like deadweight in the air. Cryptocurrencies lost $26 billion in less than 12 hours. Although there has been a slight correction to the upside the total market cap stands at $183. Bitcoin (BTC) the market leader, is trading marginally above $5,500 after a retraction from $5,200. The coin was trading in a range in the last two months between the limits of $6,800 and $6,200. However, the slide this week has seen it fall into another range with resistance at $5,600 and a support at $5,200.
Ripple price, on the other hand, has been able to quickly shake off the bear pressure. Besides, while the other assets find it difficult to stay afloat, XRP/USD has revamped the trend to the upside from the support at $0.42 heading to $0.5. However, the gains are capped at $0.49 while the token is exchanging at $0.0.466. Ripple retested the support at $0.42 yesterday but bounced back above $0.47. The crypto has traded highs of $0.49 on the day.
Ongoing is the reaction to a rising wedge pattern on the 15’ chart. The price has broken below pattern support. The initial support is at $0.46 (and descending trendline). The second support is highlighted at $0.45 while the recent lows close to $0.42 make the third and most important zone support.
From the indicators like the MACD, we see that the bears are gaining traction. The signal line has crossed into the negative. The RSI has steadily retreated from the levels around 69.69 and is currently in a downward trend at 36.39. The short-term trend for XRP is bearish but if buyers can defend the support at $0.46, then we could see an upside move on the road to $0.5.
More on Ripple’s XRP:
Ripple (XRP) dethrones Ethereum (ETH): RippleNet signs ASEAN bank, CIMB Group
XRP/USD 15’ chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?