Ken Chigbo
Independent Analyst
- XRP/USD price action is moving within a descending wedge pattern, subject to a breakout.
- Speculation continues to do the rounds surrounding Bank of America and Ripple, via the social media space.
Ripple’s XRP recent price behavior on Wednesday looked somewhat promising. The price was trading broadly flat well into the second half of the session. Moving within a descending wedge pattern, which could very much be subject to a break to the north.
There was some speculation across the social media space, after Bank of America announced that they will be offering cryptocurrency custody solutions. This was doing the rounds across various social media channels, which sparked speculation and rumors that Ripple are allegedly negotiating with the U.S. bank.
As mentioned, price action is bouncing within a descending wedge formation. This typically tends to be subject to a breakout higher. Near-term resistance should be noted at $0.4500, the upper trend line of the pattern. Support eyed down at $0.4150, the lower tracking trend line of the wedge. The RSI is very much stable at this time, a breakout could be imminent, but there may also be some further room to the downside before strong committed bull run.
XRP/USD 60-minute 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
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
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?