Ken Chigbo
Independent Analyst
- Ripple’s XRP nursing minor losses of just some 0.3% late on Wednesday, markets still unable to commit to a trend.
- XRP/USD price moving within a range-block, high at $0.3800, low at $0.3500.
Ripple’s XRP price was seen trading down around 0.30% in the very late part of trading on Wednesday. This following on from another session of limited price action, no commitment seen in sight from either camp.
XRP/USD has been moving within a narrow range-block formation since 28th December 2018. In terms of news flow, Ripple in an official blog post detailed that several financial institutions are leveraging XRP. They detailed that 13 financial institutions have started to leverage the Ripple blockchain through RippleNet, with the total number of banks in the Ripple ecosystem now see at 200.
In terms of resistance, this can be seen running from $0.3800-0.4000. XRP/USD has not traded firmly above the $0.4000 price region since 24-25th December 2018. Should the bulls breach the highlighted range-block, chunky buying pressure will likely be seen. Support is noted at the $0.3500 figure, the lower part of the range.
XRP/USD 4-hour 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
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
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?