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XRP/USD is traded in a narrow range and bears seem to take control

XRP/USD traded around $ 0.3130 at the time of writing, down slightly from the beginning of the day. The third largest crypto coin, with a current market value of $ 13 billion, has recently been caught in a range with bearish bias, moving fully in sync with the market. On Tuesday, most of the top-20 crypto-currencies were colored in red.

Ethereum Classic was the remarkable exception as the coin rose by nearly 5% in the last 24 hours. Monero and Cardano also showed a positive momentum of 2.06% and 3.62% growth. For Bitcoin $ 4,000 remains the line in the sand. A major change in moods in the broader market will be necessary for Bitcoin to breakout from current levels.

XRP is now integrated with an e-commerce platform Woocommerce

Meanwhile, Ripple has made progress on its way to mass adoption through integration with the e-commerce platform Woocommerce. Integration with Woocommerce can become a milestone of XRP development, as millions of users will be able to use the crypto currency for their internal purchases without any problems.

On Tuesday, Bloomberg cites a report called The Tie, which claims that the world’s major crypto exchanges can report incorrect trading volumes. The report concludes that 75% of exchanges report trading volumes that are more than 2 times larger than what would be reasonable to expect from Internet traffic demand on the websites of the 100 top crypto exchanges.

Bloomberg said traders and regulators have been concerned about the crypto exchanges that manipulate trading volumes to make digital coins to have greater demand.

Despite the news that questions the credibility and reliability of crypto currencies, Switzerland’s biggest online retailer, Digitec GalaxusAG, has decided to accept digital coins. His Swiss customers can now make crypto payments that support Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and so on.

Technical Analysis of XRP/USD:

Despite the recovery at the beginning of Tuesday, Ripple’s XRP fell from the first major resistance level at $ 0.3260. More importantly, Ripple’s XRP failed to break through $ 0.3248 (the high of 13th March) for the seventh straight day.

For this week, however, the recovery of the digital currency is currently effectively limited to $ 0.3220. A clear breakout above this resistance may indicate a change in the intraday signals to upside. In this case, the first target of the bulls will be 0.3266, followed by the 0.3300 psychological level. But while the XRP/USD fails to break through 0.3475 (high of February), trading in the range between $ 0.28 – $ 0.34 by the end of January should continue.

Failure to break above $ 0.3220 can take Ripple’s XRP down later in the day (in view of the bearish sentiment of the entire crypto market). The first support zone is seen at $ 0.3063 (bottom of Thursday). A clear break below this level may trigger a further downside momentum for testing of $ 0.30.

In addition to this scenario, the Relative Strength Index (RSI) of the 1-hour chart has taken a dip towards to the neutral zone of the overbought zone.

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.

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