The cryptocurrency market performed tremendously well this week, however, Ripple (XRP) has been severely underperforming the aggregated crypto market throughout the past few days struggling to gain any momentum as its price continues hovering within the mid-$0.20 region. Earlier bullish price action this week cracked the resistance at $0.2600 but could not sustain the momentum to accomplish the journey to $0.3. Bulls soften on XRP/USD towards $0.2500 with an ongoing reversal eying lower levels. At the time of writing, XRP is trading down by 3.57% at its present price of $0.2524. The XRP market cap stands at $11.39 billion, as calculated from a 45.24 billion free float supply. There has been a total of $2.55 billion in trade volume over the past 24 hours. Paypal excludes Ripple (XRP) from the list of tokens it will allow customers to buy, sell, and store. Ripple’s Chief executive Brad Garlinghouse stated he thinks PayPal made that decision because of the payments giant safer with those assets from a regulatory perspective.
*Bulls soften on XRP/USD towards $0.2500 with an ongoing reversal eying lower levels
*At the time of writing, XRP is trading down by 3.57% at its present price of $0.2524
*Paypal excludes Ripple (XRP) from the list of tokens it will allow customers to buy, sell and store
Resistance Levels: $0.2850, $0.2700, $0.2600
Support Levels: $0.2400, $0.2300, $0.2201
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
As seen on the daily chart, XRP managed to crack the upper boundary of the symmetrical triangle pattern formed by the MA 50 during the week but suffered a rejection above the $0.2600 resistance. The buyers must close above this resistance for XRP to resume a bullish trend in the near term. If the bulls manage to close above $0.2600, robust resistance lies within the region between $0.2700 and $0.2850.
On the downside, the first support is expected at $0.2500, while the region between $0.245 (MA 200) and $0.2400 acts as support. The RSI reinforces the bearish outlook as it slides to the midline from the overbought area. If XRP declines continue in the near term, the MA 200 and the $0.2400 level will work to absorb the selling pressure.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the 4-hour time frame, a sell signal is presented while XRP continued trading within the mid-$0.2000 regions. On the other side of the fence, bears are keeping an eye on the sell signals presented on the 4-hour chart. XRP may be set to erase some of the gains made this week after a stalled momentum above $0.2600.
The support at $0.2500 could give the bulls anchorage before they attempt another breakout. Once exchanging beyond the $0.2500 mark, the XRP/USD pair is only bullish; the main resistance is seen at the $0.2600 and $0.2700 level. If the XRP/USD pair exchanges underneath $0.2400, the $0.2300 and $0.2201 levels of support may be tested by sellers.
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