The cryptocurrency market is dotted red and green on Wednesday as the upward move seems to have taken a hiatus. Ripple’s XRP has been on fire recently. XRP had a lift-off from the $0.32 barrier cap to set a new multi-year high at $0.92 on Coinbase only to flash-crash by roughly 30% in secs. Interestingly, XRP price did not see the same heights on other exchanges as it saw a high of barely $0.79 during the same spike. XRP is presently trading at $0.68, having gained over 4.64% in the last 24 hrs and 137.29% weekly, making XRP a top performer. The XRP market cap stands at $29.3 billion, as calculated from a 45.32 billion free float supply. XRP/USD bulls restrategize move ahead of Flare Network’s airdrop as XRP Scan noted the number of new accounts created on XRP Ledger spiked from 1,300 to over 8,000 in two days. Flare Network announced the airdrop of 45 billion of its “Spark” tokens to XRP holders, based on the XRP addresses snapshot made on December 12.
*XRP had a lift-off from the $0.32 barrier cap to set a new multi-year high at $0.92 on Coinbase only to flash-crash by roughly 30% in seconds
*XRP is trading at $0.68, having gained over 4.64% daily and over 137.29% weekly
*Flare Network announced the airdrop of 45 billion of its “Spark” tokens to XRP holders, based on the XRP addresses snapshot made on December 12.
Resistance Levels: $0.9210, $0.8000, $0.7500
Support Levels: $0.6000, $0.5500, $0.4400
XRP/USD Daily Chart: Bullish
XRP/USD Daily Chart
On the daily chart, XRP broke out of its month-long consolidation on Nov.20, flipping the $0.3280 resistance to clock highs of $0.9210 on Coinbase. The flash-crash that followed the surge overshot tentative support areas between $0.8 and $0.7. XRP/USD managed to find support at $0.60. If the support at $0.60 caves in, declines to $0.55 might come into the picture.
Further selling pressure may cause XRP to erase its prior gains by testing the MA 50 support at $0.288. On the upside, XRP must hold well above $0.65 to resume its uptrend. Seller congestion at $0.75 might slow down the bulls’ drive toward $1. XRP could enter another bull cycle if buy orders surge enough to support a rally.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
The bulls and bears are seen struggling for dominance on the 4-hour chart after XRP declined from its high at $0.92. The bulls will assert their dominance if the XRP price sustains above the $0.75 resistance. The trend will tilt in favor of the bears if they can sink and sustain the price below $0.55.
Further declines may cause XRP to test the MA 50 close at $0.44 and the MA 200 at $0.30. The XRP/USD pair is only bullish while trading above the $0.4400 level, key resistance is found at the $0.7500 and the $0.80 levels. If the XRP/USD pair closes beneath the $0.60, sellers may test the $0.55 and MA 50, $0.44 support levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock