Ripple (XRP/USD) Standstill at $0.5302 – Traders Brace for a Breakout

The technical side of the XRP/USD coin remains bearish, as it has formed a strong bearish engulfing candle at $0.5300. At the moment...

Ripple Price Forecast

The Ripple price forecast remains bearish, as the coin has plunged from $0.5680 to $0.5200. The XRP/USD crypto coin failed to stop its declining streak of the previous day, remaining depressed, well below the $0.53053 level.

The Ripple was trading at the $0.52274 level and dropped by 10.44% yesterday. This has been the biggest daily percentage drop since June 21. The XRP is currently trading at $0.53037, with a 24-hour trading volume of $2,032,605,639. 

Ripple declined by 5.22% in the past twenty-four hours. After a failed try to settle above $0.56920, XRP extended its declines to below the 0.53037 level. The XRP price even broke the $0.51755 support level, and it dropped well below the 100-hourly simple moving average. However, the downfall in the Ripple was mainly sponsored by the stronger US dollar. Meanwhile, the volatile crypto market has also been playing a major role in undermining the value of the Ripple. 

XRP/USD

Ripple (XRP/USD) loses 16.66% in Seven Days.

Ripple XRP has seen a drop in value, having lost 16.66% over the past 7 days. The volume of XRP traded in the 24-hours until the time of writing was $1.90440B or 3.18% of the total volume of all cryptocurrencies. It has traded within a range of $0.5227 to $0.6261 in the past seven days. 

Ripple in Bearish Mode, Stronger Dollar Weighs 

On the USD front, the broad-based US dollar maintained its upward rally of the previous day, still flashing green on the day as the mounting wave of Covid-19 cases all over the world raised doubts about global economic recovery. Thus, the upticks in the US dollar kept the XRP/USD prices under pressure.

Flare Networks Underpins Bearish XRP/USD at 0.5202

Flare Networks has recently announced a new airdrop, as it plans to launch a Canary Network called Songbird. They said that Ripple holders who participated in the Spark airdrop snapshot in December would receive a second airdrop. However, these headlines have failed to leave any notable impact on Ripple’s value as yet.

Ripple Price Forecast
XRP/USD 4H Chart – Sideways Trading

Ripple (XRP/USD) – Technical Analysis – Can XRP Violate $0.5200?

The technical side of the XRP/USD coin remains bearish, as it has formed a strong bearish engulfing candle at $0.5300. At the moment, the XRP/USD is gaining strong support at the 0.5200 level. A breakout at the 0.5200 level has the potential to extend the selling trend until the next support area of 0.4790. 

Conversely, a bullish bounce-off over the 0.5202 level could lead the Ripple price towards 0.5680. On the 4-hour timeframe, the downward trendline will also be extending resistance at the 0.5680 level. 

Speaking about the MACD and RSI, both are holding in a sell zone, below 0 and 50, respectively. At the same time, the 50 MA (Moving Average – Green Line) demonstrates a bearish trend in Ripple. On Wednesday, the idea is to place a sell stop below the 0.5200 level, with a target of 0.4785. Good luck! 

 

ABOUT THE AUTHOR See More
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.

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