The XRP/USD crypto coin has failed to stop its bearish rally of the previous session, remaining depressed around the 0.62800 level. The current XRP/USD price is $0.628682, with a 24-hour trading volume of $2,984,413,279. The Ripple dropped by 3.83% in the last twenty-four hours. However, the downfall in the Ripple was mainly sponsored by the stronger US dollar.
Profit-Taking in the Crypto Industry Triggers Sell-off in Ripple
The mixed sentiment in the crypto market has also played a significant role in undermining the value of Ripple. It created an upward roll after falling under $0.60, to test the support at $0.55 a few hours ago. A monthly high of $0.71 marked the end of the bullish action towards $0.75 and paved the way for losses under $0.70.
The XRP price was making an intriguing recovery towards a $0.70 resistance level. The initial break above the upper boundary of the channel boosted the price, pushing it further up. The Ripple (XRP) hit highs above $0.69 before retreating to where it is trading right now.
Additional hurdles may come into play if the price remains over the 9 and 21-day MAs (moving averages), and of course, the nearest resistance level lies at $0.70.
Dollar Remains Supported Ahead of Federal Reserve Policy Meeting
On the USD front, the broad-based US dollar managed to stop its downward rally of the previous session. It drew some fresh bids near recent highs on Tuesday, as traders awaited this week’s Federal Reserve policy meeting for additional clues on the policy outlook. Thus, the upticks in the US dollar kept the XRP/USD prices under pressure.
Ripple (XRP/USD) – Technical Outlook – Tweezers Bottom in Play
On the technical front, the XRP/USD is trading above a support level of 0.6133. Ripple has closed a tweezer bottom pattern at the 0.6250 level, suggesting that there are odds of a bullish correction. The MACD and RSI are also reversing back in the buying zone, while the XRP has closed a bullish engulfing candle.
In addition to the technical data provided above, let me mention the upward trendline on the 4-hour timeframe. That trendline supports the XRP/USD coin at the 0.6130 level, and since Ripple has just been rejected, the odds of a bullish bounce-off remain pretty solid. Therefore, we have entered a buy position above 0.6130 level. Stay tuned to the FX Leaders signals page for more updates. Good luck!