The cryptocurrency market has been that of a mixed picture with BTC recovering to briefly touch $24,000. In late November, XRP traded to highs of $0.9210 on Coinbase amid the SPARK airdrop event. XRP’s price has been in freefall since Dec.18 following the SEC lawsuit against Ripple for issuing ”$1.3 billion unregistered securities offering”. XRP then crashed below the $0.32 critical support to register an intraday low of $0.2222 as renewed selling pressure emerges on XRP/USD. The cross border token asset has lost 41.88% daily and 48.88% on weekly to rank the worst-performing Altcoin amongst the top-10. XRP also fell out of the top 3 as the bears took their toll. At the time of writing, XRP is changing hands at $0.2349 with room for further downside. The XRP market cap stands at $14.01 billion, as calculated from a 45.4 billion free float supply. Bitwise Asset Management, one of the biggest crypto fund managers, has fully divested from XRP as Cryptocurrency exchanges delist XRP amid Ripple’s lawsuit. Smaller exchanges like OSL, Beaxy, and CrossTower have either temporarily stopped trading or removed XRP entirely from their offerings.
*XRP crashed below the $0.32 critical support to register an intraday low of $0.2222
*XRP is changing hands at $0.2349 with room for further downside
*Smaller exchanges like OSL, Beaxy, and CrossTower have either temporarily stopped trading or removed XRP entirely from their offerings
Resistance Levels: $0.7500, $0.6300, $0.5500
Support Levels: $0.2000, $0.1690, $0.1105
XRP/USD Daily Chart: Bearish
XRP/USD Daily Chart
XRP has been losing ground rapidly to hit lows of $0.22 from its opening price of $0.4464. XRP has lost the daily moving averages 50 and 200 amid increasing bearish momentum. The RSI has dropped down to the oversold territory, which indicates that the trend has turned in favor of the bears. If the price drops below present levels, the XRP/USD pair could sink beneath $0.20. If that happens, the pair will complete a 100% retracement of the most recent leg of the up-move.
On the upside, support from the broader market would be needed for XRP price to rebound off the current levels. In this scenario, the bears are likely to sell on relief rallies to $0.4464. Barring an extended crypto rally, the first major resistance is at $0.45 at the MA 50 while the second major resistance sits at $0.5800.
XRP/USD 4-Hour Chart: Bearish
XRP/USD 4-Hour Chart
XRP is staring into the abyss, trading significantly beneath the 4 hour MA 50 and MA 200. XRP however continues its plunge downwards till it hits the support barrier. In this scenario, XRP may retest the next primary support at $0.20 which may cushion the selling pressure. On the upside, a move above $0.45 is needed to mitigate the bearish pressure and bring the recovery back on track with the next focus on psychological $0.52 and $0.63 marks.
The XRP/USD pair is only bullish while trading above the $0.5200 level, key resistance is found at the $0.55 and the $0.75 levels. If the XRP/USD pair closes beneath the $0.32 level, sellers may test the $0.20 and $0.1690 support levels in the following session.
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