XRP price could witness a sell-off into the mid $0.40 levels if the bulls hurdle through the $0.50 barrier.
XRP's failure to maintain momentum over the $0.50 threshold may result in Ripples' demise.
In contrast to the last bull run that propelled XRP into the current price levels, the volume pattern throughout the last three attempts to overcome the $0.50 has been dropping. This is a subtle indicator that the upward trend is waning.
XRP is currently trading at $0.499 as another attempt is being made to hurdle the barrier. Still, the volume pattern maintains a relatively sparse look, suggesting retail traders alone may be pushing the price. If this is the case, a liquidation towards $0.47 and potentially $0.40 (if $0.47 does not hold) could occur in the coming days. The Relative Strength Index confounds this idea as a clear bearish divergence is shown as the XRP price ascends and attempts to rally through $0.50
XRP/USDT 2-Hour Chart
Invalidation of the bearish thesis can occur if the bulls breach the $0.51 level. In doing so, a buyers' frenzy targeting $0.56 could occur, resulting in an 11% increase from the current XRP price.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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.
Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.
AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls currently face AVAX price has breached an inverse head-and-shoulders setup, hinting at a 13% upswing.
XRP price shows a clear sign of exhaustion after overcoming the selling pressure and flipping a significant resistance level into a support floor. Adding credence to the current scenario is Bitcoin’s lack of volatility.
Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.
A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.
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 trade 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.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.