Is Ripple’s XRP Trying to Make a Comeback to $0.80?
Aiswarya Gopan • 1 min read
Early on Wednesday, Ripple’s XRP is holding steady after posting a recovery from the lows of around $0.52 over the previous session, offering some hope that buying interest could be building up in this digital asset in the near-term. At the time of writing, XRP/USD is trading around $0.61.
The crypto market crash in mid-May caused XRP to lose around one-third of its value and sent it far below its ATH of $1.96 touched in mid-April. Since then, there has been considerable bearish pressure on Ripple’s digital asset, amid uncertainties plaguing the overall crypto market, preventing it from holding over the key $1 level.
With the lawsuit between Ripple and the SEC still dragging on and getting an extension for the discovery phase, there seem to be no new fundamental drivers that could dictate price action in XRP in the near-term. The focus then remains on the market sentiment towards cryptocurrencies in general, which remains under pressure over regulatory uncertainties and China’s clampdown on crypto-related activities.
Key Levels to Watch
On the 4-hour chart of XRP/USD, most of the moving averages as well as leading technical indicator MACD still suggest a bearish bias. However, the momentum indicator is offering some hope for buying action, signaling a bullish bias.
It should be interesting to keep an eye on the immediate support level at $0.67 to see if buyers are able to take the price past this point. If buying interest builds up, we may be able to see Ripple’s XRP test the pivot point at $0.80 as well.