Ripple (XRP/USD) Standstill at $0.5302 – Traders Brace for a Breakout
Arslan Butt • 2 min read
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.
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 (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!