Amid the mass cryptocurrency selloff, Ripple’s XRP has remained one of the strongest cryptocurrencies, dropping only about 5 percent during the last 7 days, compared to Bitcoin’s -17% and Ethereum’s -25%.
This and other positive developments prompted Ripple and its community to push Binance to add XRP as a base currency, meaning that all the other cryptocurrencies would be paired with it. If this comes to fruition, XRP will surely get a boost in price, and it would probably solidify its current spot as the second crypto by market cap.
Charts at a Glance – XRP/USD
After the big drop below 0.44 seen last week, XRP/USD has managed to recover most of its losses but seems to have hit a bump around 0.52 as it failed to push above that resistance. The failed break triggered a drop into 0.47, which was an important level in the past, and now the price is reacting to it once again.
The last closed 4-hour candle is showing a massive wick in its lower side, which is a sign of rejection and an indication that bullish pressure is increasing. This leads me to believe that a move into 0.50 is next. If the pair can break said level and establish it as support, we expect to see another attempt to move past 0.52 resistance.
Support zone: 0.47
Resistance zone: 0.50 followed by 0.52
Most likely scenario: move into 0.50 – 0.52
Alternative scenario: break of 0.47 and move into 0.44
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov