The crypto market has finally descended in downside price action after three consecutive weeks of bullish movement, just before Ethereum’s hard fork. Bitcoin fell by 0.63% on Tuesday. Partially reversing a 2.36% gain on Monday, Bitcoin finished yesterday at $ 3,810.4.
Among the top 10 biggest crypto currencies, the trade on Tuesday was a sea of red. After the bear trap on Sunday, we are now witnessing a choppy start of the week.
One of the few leading cryptos in the beginning of the week is Ripple’s XRP, which grew by 6.52% by the end of Tuesday. Profits slightly deviated from the 10% rally on Monday due to listing on the stock exchange.
Ripple: The Bull and Bear War continues after rejection at $ 0.35
After more than a year of waiting, Ripple fans finally got their prayers answered. Namely, Coinbase Pro announced new support for XRP. It is expected that the XRP trading on the platform will continue to run completely after the initial 12-hour period to ensure that there is adequate liquidity for all orders.
It was also announced that the buying and selling of XRP tokens on the platform will be available only to Australian, British, European and Singaporean traders. While the lawsuit for Ripple in the United States remains in Court.
Technical Analysis of Ripple’s XRP
At the time of my writing, Ripple’s XRP fell by 0.79% and traded in the area of $ 0.31395. The daily XRP/USD chart shows that the asset struggled to break the key resistance of $ 0.3440 – 0.3500. This particular area has been a strong resistance to XRP over the past 2 months. A clear breakthrough and daily closing of candles over $ 0.35 will likely lead XRP to test levels of $ 0.37 and $ 0.40 in the short term.
You have to be careful because a false break above that resistance can send the price very quickly down.
If bears are able to protect this key zone for the remainder of this week and keep XRP under $ 0.34, then we can see that buyers’ confidence deviates from this asset. A price action will go down again to $ 0.30 or even lower.
The downside trend is likely to continue as the Relative strength index (RSI) of the same chart is at 50.08 and continues to move south. The Stochastic oscillator shows the same trend at 47.66 to indicate most likely that bears gain momentum.
For the coming week, we will probably see that the bears are trying to take control of the price action. But if we do not have any significant headlines or events, Ripple is likely to keep moving within the trading range between $ 0.28 – 0.35.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.