Ripple’s XRP price analysis: This narrow range is bad news

  • XRP buyers must pull out the bear range to put the downtrend to a halt.
  • Technical indicators on the chart show XRP/USD is poised for a move to the south.

The crypto market is back in the red again in spite of the bullish correction over the last weekend. XRP has not been spared by the bear correction with declines of 1% on the day. Ripple’s XRP has been able to control the losses quite well in comparison to other assets. Ethereum, for instance, is down 2.06% and has slipped below $150. IOTA (MIOTA) is among the worst hit with declines of 3.36%.

Meanwhile, Ripple has stuck in the narrow range it fell into after the rejection at $0.46 (December 24). The trading in the last two weeks has been mundane, lock-step and lacking the catalyst to break past the stubborn resistance at $0.40. On the flipside, the bulls have drawn the line in the sand preventing movement beyond $0.36.

At press time, XRP is exchanging at $0.37 and is within the hourly 100-day Simple Moving Average (SMA), which is limiting gains to the upside and the 50-day SMA, which is offering immediate support. A key breakout point exists at $0.38, movement above this position will pave the way more correction which will eventually step above $0.40.

However, the outlook of the chart shows that XRP/USD is poised for a move to the south. The stochastic on the same chart is at 30.00 and still heading for the oversold. The short-term 50 SMA has double-crossed above the 100 SMA indicating the sellers could be gaining ground against the buyers.

Read more:

Cryptocurrency market update: ECB member blasts cryptos – Bitcoin, Ethereum and XRP in the red

XRP/USD 1-hour chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

BEST BROKERS TO TRADE CRYPTO

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.