The cryptocurrency market is in red after a corrective wave swept across the corners of the market. XRP price clocked highs of $0.6751 on Feb. 14 before a steady decline to lows of $0.4684. Ripple entered into consolidation before the bulls had a breakout today. On Feb. 22, XRP/USD lifts to $0.6792 following massive retail demand. Following a widespread market correction, XRP plunged to lows of $0.4408 before regaining stability. At the time of writing, XRP is changing hands at $0.5611 after setting intraday highs of $0.6792. Although XRP is slightly up by 2.98% weekly, the token remains one of the top daily gainers, up by 9.44% in the last 24 hours. Ranking 7th largest, the XRP market cap stands at $25.48 billion, as calculated from a 45.4 billion free float supply. Ripple Labs has now registered a business in Wyoming. Wyoming is becoming one of the most attractive U.S states for crypto and blockchain firms. Amid Ripple’s lawsuit by SEC, Mary Jo White, the former chair at the SEC stated in an interview that the commission was “dead wrong” against Ripple, legally and factually.
*Ripple entered into consolidation before the bulls had a breakout today
*XRP is changing hands at $0.5611 after setting intraday highs of $0.6792
*Wyoming is becoming one of the most attractive U.S states for crypto and blockchain firms
Key Levels
Resistance Levels: $0.9000, $0.7707, $0.6500
Support Levels: $0.5500, $0.4700, $0.3890
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
XRP bulls managed to push the price past $0.6750 before the bears mounted a stiff resistance. XRP presently consolidates at $0.55, awaiting further direction. A spike in buying pressure above the current price might cause a retest of the $0.6792 high. A sustained breakout above $0.6792 may cause the XRP/USD pair to rally to $0.75 marks. The RSI in the positive territory suggests an advantage to the bulls.
On the contrary, If the price turns down from current levels, the Altcoin may consolidate between $0.47 and $0.67 for a few days. A break below $0.47 may cause a retest of the ascending trendline support at around $0.44. A sustained break below the ascending trendline support may pull the price down to the next support at $0.3890.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the 4-hour chart, XRP slid at $0.6657 to lows of $0.4929 before the bulls stepped in. If the bulls can drive the price above $0.65, the XRP/USD pair may start the next leg of the uptrend, which could reach a $0.7640 Feb 1 high. On the contrary, XRP managed to flip the MA 50 resistance into support on Feb.22.
Further downward pressure below the recent price may be cushioned at the MA 50 situated at $0.5496. If this fails, XRP may revisit support at $0.47. Immense selling pressure may force XRP to seek support at the buyer congestion zone located at the MA 200 ($0.4315). The XRP/USD pair is only bullish while trading above the $0.55 mark, key resistance is found at the $0.65 and 0.6750 levels.
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