Ripple price crashed suddenly after trading in a range above $0.70 against the US dollar. XRP/USD is now at the lows of $0.6510, which is a new yearly low. In trading today, the major cryptocurrency Ripple (XRP) turned sharply lower and tumbled to a new yearly low below $0.70 against the US Dollar. XRP/USD touched a new yearly low of $0.6510 and is currently consolidating losses.
Ripple price hitting the $0.659 mark at the time of writing of this article is a major downfall, which is the most since the last year’s November. It seems like XRP crashing is never ending, with no bottom to be found. For those who don’t know what Ripple is, it is a payment system like Paypal that aims to transform the way banks and other financial institutions transfer money around the world. The Ripple network is centered around a shared, public ledger which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Market experts previously suggested that Ripple price is at a risk of declining towards $0.7200 or $0.6500. However, the recent bearish wave was so violent that Ripple price even broke the $0.6500 support and tumbled heavily. Currently, there is no support for the bulls and it seems like there is no stopping the bleeding.. Read more about xrp lawsuit and let us know what you think.TL;DR
- The bearish analysis of Ripple prices shows no signs of stopping, as XRP falls again.
- The XRP/USD pair has fallen and hit new lows at $0.6510.
- Ripple bulls try to recover from a bear market in tough times
- Even the positive news of Ripple’s legal battle with the SEC failed to remove the bearish sentiment.
Cryptocurrency Heatmap from Coin360 Hopes for a recovery in the XRP/USD are quickly fading as the pair has dropped to new lows around $0.6510. The bulls are not in the mood for a comeback rally as the pair drops from a previous high of $1.5 to new lows for the year. A sharp price decline threatens to erode long-term support levels, leading to a bearish view on Ripple’s weekly price analysis charts. The ripple effect could persist for several days as the bears stubbornly try to push the price below the $0.6000 level. We can’t rule out the possibility of the price dropping even lower over the weekend due to low liquidity. Many price declines lead to the formation of a lower price pattern on Ripple’s hourly price analysis charts. All technical indicators point to further price weakness, now that a strong wave of selling has hit the price hard.
Ripple price movement in the last 24 hours: All eyes at $0.6000Support
At the time of writing the pair is trading at $0.7287 and is very close to the 200-day moving average. The price is trying to get a foothold between the Bollinger Bands and is constantly moving towards the lower Bollinger Band. The trip to the multi-year high at $1.9637 left many price points untouched, and it looks like the bears are picking up the slack. Analysis of the Ripple price shows that the rise has been strong, with several spreads on their way to a multi-year high. The turbulent movement of the 19th. The month of May saw the market capitalization of XRP drop by nearly $1 trillion. While traders and investors recover from the shock, volatility keeps them from reaching new highs. The zigzag movement is downward, as the price falls with each selling opportunity. Yesterday’s rebound was short-lived and the pair failed to break above the Bollinger Band at $1.30 per ounce. The bulls have failed to build momentum for a recovery rally. The price drops to $0.6543. In addition, the hourly charts are now showing April lows, further jeopardizing the chances of a quick recovery when analyzing Ripple’s price.
Four-hourly chart XRP/USD: XRP moves to support below $0.6500 on
TradingView Ripple Price Chart XRP’s bearish outlook is highlighted by strong bearish swings. The pair needs to stay above the $0.8290 level on a daily basis to boost the confidence of the bulls. A sharp decline could take the price to the $0.6500 support level. The trend line from the January highs shows that $0.6500 is an important support level that could play a crucial role in a reversal rally. As XRP/USD reversed an 11.4% gain from Thursday’s rally, the impending pullback became more apparent. Earlier in the day, the pair consolidated at the $0.9020 level and reached the intraday high of $0.9681, after which a reversal followed. The RSI at 28 indicates that the pair is heavily oversold on the hourly chart. The MACD is also showing extremely oversold characteristics. A prolonged sell-off could see Ripple’s price analysis weaken further, leading to a breach of the $0.6500 level. The first resistance lies at $0.8573, where the 62% Fibonacci retracement lies. The bulls will need to generate massive volume to break through the $1.00 level on the hourly chart. The daily charts are now in neutral or bearish territory.
Completion price analysis Output: New bottom under $0.6500
Ripple could experience a small recovery rally as all technical indicators are extremely oversold. There will be some kind of emergency meeting. However, it is unlikely that the price will be able to break through the $1.00 level, as there is strong selling pressure near the $0.9635 level. Some critical support and strength levels remain untested. According to Ripple’s price analysis, the $1.0315 level will also be a big challenge for the bulls. There is little support in the broad crypto-currency market due to negative sentiment. Without the continued rise, the XRP/USD exchange rate would not pass the $1.00 mark anytime soon. The pair could drop below $0.70 if the Bears fail to defend the $0.6500 support level. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.After soaring to an intraday high of $ 0.6770, Ripple price started a downward move against the US dollar. The price traded as high as $ 0.6510 and later started a fresh downward move. The decline was nasty as Ripple price even broke the $ 0.6450 support and traded as low as $ 0.6410. Later, the price settled above the $ 0.6350 level, but it is currently suffering a lot. The latest market statistics of Ripple price from Coinbase states that the price of Ripple is $ 0.6280. The current market cap of the digital currency is $ 26,471,200,000, and the trading volume is $ 1,366,040,. Read more about xrp price rebound and let us know what you think.
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