Ken Chigbo
Independent Analyst
- XRP is trading up in minor positive territory in the latter stages of Tuesday, up some 0.40%.
- XRP/USD bulls are struggling with large barrier at the $0.2800-0.2900 area.
XRP price action is trading up some 0.45% late in the session on Tuesday, as the bullish momentum slows down somewhat.
The price had been running higher for five consecutive sessions, as life returned back into the market bulls. XRP/USD was trading back at the highest levels seen in around two weeks.
Technically, there is a near-term risk of a reversal, given the current daily candlestick formation. At the time of writing, a potential evening star formation can be observed, which would suggest of a chance in the recent trend north. Should the daily candle on Wednesday be bearish, it could be an indication of a return of sellers.
XRP/USD daily 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
Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces
Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.
Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari.
LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.