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Decisive Time for Ripple, Whether XRP Stays Bearish or Turns Bullish

Posted Thursday, April 7, 2022 by
Skerdian Meta • 2 min read

Will XRP resume the long term decline?

Cryptocurrencies turned bullish during most of March and it seemed like they left behind the bearish period of the previous months. But, now they are coming under test as BITCOIN falls below $44,000 while Ripple falls below $0.80. The XRP was headed to $1, which would be the real test for this cryptocurrency. But the sentiment in the crypto market has turned negative again and Ripple is testing the downside now.

Looking at the daily chart, we see that Ripple jumped at the beginning of February, which took the price above $0.90 and since then XRP was displayed bullish pressure. A comment from Ripple’s lawyers that the lawsuit might end with a settlement improved the sentiment for XRP, which jumped above $0.90, but the 100 SMA (green) stopped the jump.

That moving average continued to provide resistance until the middle of March, pushing the Ripple coin lower, while the 50 SMA (yellow) turned into support. Then the market sentiment improved by the middle of March and XRP/USD broke out of the range; although, buyers couldn’t push the price above the 200 SMA (purple). which turned into resistance.

Now, this cryptocurrency has turned lower as the sentiment in the crypto market turns negative and the 50 and 100 SMAs are acting as support. So far, the highs are getting higher if the decline ends here and the price turns bullish. This means that the trend is changing, but only if these moving averages hold. If they break, then sellers will resume control and the downtrend will continue.

Ripple Expands As A Payment Token

A recent report by Goldman Sachs’ last month called “Overview of Digital Assets and Blockchain,” sees Ripple as an “opportunity in payments”. Payment firms are taking advantage of Ripple, with iRemit, a non-bank remittance provider uses Ripple’s Open Digital Ledger for remittances from Australia to the Philippines. It announced a partnership last week with Velo labs which will give it access the $34 billion cross-border payment market in the Philippines. Via this partnership with iRemit, Ripple and Novatti targeted first the Australia-Philippines corridor.