XRP price fell near the $0.59 support on Tuesday, returning under pressure after the last two days’ rally stalled. At the time of publication, XRP was changing hands at $0.602, down 2.13% on the day. Ripple recently published its Q1 2022 report. RippleNet GM, Asheesh Birla shares the highlights by the numbers. RippleNet reached a $15 billion annualized payment volume run rate, as customers expanded the use of RippleNet and ODL beyond remittances (including treasury and SME payments). ODL subsequently grew 8x YoY. APAC was one of the biggest contributors to ODL dollar volume – totaling over $1B in Q1 alone. Ripple’s ODL now enables payouts in 25 markets today including new regions like Singapore, Malaysia, Poland, Indonesia, Thailand, and more (up from 3 markets in 2020). These markets collectively represent nearly 62% of the $700 billion per year global remittance market and about 86% of the $6trillion per day global FX market.
Key Levels
Resistance Levels: $0.7800, $0.7200, $0.6950
Support Levels: $0.5910, $0.5522, $0.5141
XRP/USD Daily ChartAfter stretching to a near 3-month low of $0.5684, XRP is moving sideways around the $0.60 mark, as the apparent directional impulse has weakened. The RSI is flattening in the negative area, indicating that the price is moving slowly. On the upside, $0.6950 is the immediate resistance, followed by $0.7500 and the MA 50. If the XRP/USD pair is able to break through the MA 50, the next hurdle might be $0.7800.
More advances could push the bulls beyond the $0.8200 barrier before they challenge the $0.9131 high set on Mar. 28. A probable double bottom at $0.5522 might enhance the chances of a positive trend reversal. A dip to a lower level, on the other hand, would be supportive. A dip lower, on the other hand, would confirm a bearish picture, allowing the XRP price to flirt with support levels of $0.5910 and $0.5522.
XRP/USD 4-Hour ChartXRP fell to lows at $0.5682 before regaining some ground. However, a price drop towards $0.5522 is only required if the price breaks below $0.5910. The next pivot point could be near the $0.5700 level if the latter fails to act as support. Traders should exercise caution, as the 4-hour moving averages 50 and 200, which are placed wide apart, respectively, and might continue to limit upside movement.
In summary, XRP might expect a double bottom pattern to prepare the stage for a bullish trend reversal. However, unless the price recovers past its previous high of $0.9131, this activity may not be enough to establish an upward pattern in the larger picture. However, upgrading the outlook could be a difficult undertaking.
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