Ripple (XRP/USD) Violates Symmetrical – Potential Sell at $0.6275
The XRP/USD coin is trading sharply bearish at 0.6038 level, falling towards the next support area of 0.5883 level. On the higher side...
Arslan Butt•Thursday, July 15, 2021•2 min read
The XRP/USD coin pair managed to keep its overnight bullish performance, remaining well bid around the $0.610599 level. However, the bullish bias surrounding the ripple coin could result from reports suggesting that Bybit is now offering users spot trading in cryptocurrencies, against the Tether (USDT) stable currency.
This news tends to leave a positive impact on cryptos, including Ripple XRP. Besides this, the weakness of the broad-based US dollar, triggered by multiple factors, has also played a significant role in supporting the Ripple price.
The XRP/USD is currently trading at $0.610599, with a 24-hour trading volume of $1,803,970,654. Ripple has risen by 1.94% in the past twenty-four hours. As already mentioned above, Bybit has expanded into the crypto spot-trading market.
Bybit has announced that spot trading in Bitcoin (
BTC), Ether (
ETH), Ripple XRP and EOS is now available to users, against the Tether (USDT) stable coin. They added that, for spot trading, they would not charge any maker fees , which are sometimes levied to give liquidity to the market, in terms of buying or selling limit orders. For example,
Binance, the world’s largest
crypto exchange, charges 0.1000% maker fees for trading a volume worth less than 50 bitcoin.
On the USD front, the broad-based US dollar failed to extend its positive early-day performance. During the European trading session, it turned sour after Jerome Powell of the Federal Reserve shrugged off the latest jump in US inflation. The Federal Reserve also said that the bank would keep inflation under control by raising interest rates and tapering asset purchases.
In simple words, the Fed’s dovish stance keeps pushing the US dollar down. Therefore, the declines in the US dollar were seen as one of the key factors that are helping Ripple’s prices to stay bid.
On the negative side, the upticks in the Ripple were unaffected by the reports suggesting that Jed McCaleb has sold over 100 million XRP since the start of this month. Jed McCaleb continues dumping his stash, with approximately half a billion Ripple (XRP) remaining in his “tacostand” cryptocurrency wallet.
Ripple (XRP/USD) Technical Analysis – Plunging towards 0.5883 Support
On the technical front, trading in the XRP/USD is sharply bearish, at 0.6038, as it falls towards the next support area of 0.5883. On the higher side, Ripple may find immediate resistance at 0.6278, which is being extended by a 50 periods EMA.As we can see on the chart above, Ripple has already violated the symmetrical
triangle pattern, which is likely to lead its price lower, towards the 0.5887 level. However, a breakout at 0.5883 could trigger additional selling until 0.5480 and 0.5199. Let’s consider staying bearish below the 0.6278 level today. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals