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XRP remains in red on Monday, alongside the majority in the crypto market following Sunday’s blood bath. XRP started a downside correction on Apr. 13 after reaching highs of $1.98. The move exacerbated to lows of $ 1.12 during the entire crypto market plunge. Mild recovery was seen early on Monday as bears showed hesitation after cracking $1.12 support. XRP is consolidating at a present price of $1.34, up by 3.31% in the last 24 hours and 0.52% weekly. Ranking 4th largest, XRP has a present market cap of $58.41 billion and $17.93 billion in trade volume over the last 24 hours. Ripple has announced its partnership with Novatti Group, an international payments firm, with the latter tapping RippleNet’s ODL service and leveraging XRP for instant, cross-border payments. This partnership to be carried out by financial services company iRemit will initially focus on remittances between Australia and the Philippines. The Philippines is the third-largest remittance-receiving country in Asia.

*XRP started a downside correction on Apr. 13 after reaching highs of $1.98
*XRP is consolidating at a present price of $1.34, down by 3.02% in the last 24 hours and 6.29% weekly
*Ripple has announced its partnership with Novatti Group, an international payments firm

Key Levels
Resistance Levels: $0.8290, $0.7707, $0.6751
Support Levels: $0.5507, $0.5000, $0.4000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP fell to lows of $1.12 during the Sunday crash before rebounding to Monday’s highs of $1.55. Bears are consolidating the sharp fall on XRP/USD at $1.32 with today’s decline marking the 5th consecutive day.
XRP may at this point extend its sideways course while pursuing the $1.55 barrier. The short-term oscillators emphasize the pause in the market but lean towards a mixed bias with the downward sloping RSI hovering near the 60 marks.

On the upside, the first barrier for XRP bulls may be the $1.55 barrier, with a break higher paving the way for the $1.75-$1.83 territory before a retest of the yearly high at $1.98. Alternatively, a downside break below $1.22 could open the door for another test of $1.12. If sellers pierce below it, that would reinforce the negative bias and turn the focus to $0.83 and the MA 50 at $0.73.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP is consolidating below the 4-hour MA 50 ($1.56) after slightly improving from a recently formed floor at the $1.13 level. Momentum oscillators paint a mixed picture, with the RSI still in a bearish territory at 43 despite a strong rebound off the oversold zone. A significant positive impetus is necessary to drive XRP price above the restrictive MA 50 at $1.56.Should this occur, XRP buyers may quickly be challenged by a key resistance section from $1.75 to $1.89.

Nonetheless, even triumphing over this, a push past the yearly highs at $1.98 would be necessary for the next leg of the uptrend to resume. For the slanted barrier to secure XRP/USD negative trajectory, it will need to redirect the XRP price beneath the $1.13 level. Steering lower, the $1 psychological level may try to impede negative pressures from pushing the price towards the $0.8 and $0.68 barrier from March. That said, only a move above the MA 50 ($1.56) would turn the neutral to bearish picture back to positive.

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

(Excerpt) Read more Here | 2021-04-19 14:30:49


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