Traders need to inject some movement into the pair as most indicators are neutral or negative.
- Ripple has a neutral short-term trading bias, with the cryptocurrency currently flatlined around its 200-period moving average on the four-hour time frame
- The four-hour time frame continues to a show the XRP / USD pair trading within a bullish pattern
- The cryptocurrency’s medium-term outlook is bearish, with the daily time frame showing the XRP / USD pair stuck at the bottom of a symmetrical triangle
Ripple / USD Short-term price analysis
Ripple has a neutral short-term trading bias, with the popular cryptocurrency flatlined around its 200-period moving average on the four-hour time frame.
The large inverted head and shoulders pattern on the four-hour time frame remains valid, with strong dip-buying demand currently seen on any pullbacks towards the 0.3000 level.
Technical indicators on the four-hour time frame are also highlighting tight range-bound trading conditions, with both the RSI and MACD trading at neutral levels.
Traders should watch for a sustained bullish breakout above the 0.3470 level, as it represents the neckline of the inverted head and shoulders pattern.
The MACD indicator is neutral on the four-hour time frame and is currently failing to generate any trading signal.
Relative Strength Index
The Relative Strength Index on the mentioned time frame is also flatlined around the neutral line.
Ripple / USD Medium-term price analysis
Ripple retains a bearish medium-term outlook, with the cryptocurrency trading well below its key 200-day moving average and also failing to rally price away from critical trendline support on the daily time frame.
The daily time frame clearly shows the XRP / USD pair trading at the bottom of a triangle pattern, with the neutral pattern holding a potential downside projection of around $30.00.
Technical indicators on the daily time frame remain neutral and largely mirror the four-hour time frame.
Traders should continue to monitor the triangle pattern on the daily time frame, with key trendline support found close to the 0.3000 level.
The MACD indicator on the daily time frame is currently flat and providing no clear trading signal.
Relative Strength Index
The RSI Indicator on the mentioned time frame remains neutral as the XRP / USD pair struggles to find direction.
Ripple continues to trade towards the lower end of its recent range with the cryptocurrency struggling to find a clear directional bias.
The presence of a bullish inverted head and shoulders on the four-hour time frame and strong dip-buying demand around the 0.3000 level are currently offering short-term bulls a glimmer of hope.
Medium-term bulls desperately need to rally the cryptocurrency away from trendline support or the XRP / USD pair could eventually succumb to heavy technical selling below the triangle pattern.
Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?
Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.
This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.
XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
- From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
- From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
- Trading volume has dropped significantly from the average level seen during May 2019.
- The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
- From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
- From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
- Trading volume has also significantly declined toward the second half of May 2019.
- The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.
XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture
Market momentum in the cryptocurrency industry is of paramount importance, since it is often considered as an important marker in the propagation of crypto-use. Ever since the end of the crushing bear market, there have been several instances of massive amounts of cryptocurrencies being moved, especially when it comes to XRP, the third largest coin on the charts.
According to @WhaleAlert, a cryptocurrency data aggregator, there have been multiple drops of large XRP sums, amounting to a total of close to 26 million XRP. The first drop included a transfer of 10 million XRP from a Ripple Over-the-Counter distribution wallet to another unknown wallet in the cryptosphere.
The transfer amounted to a whopping $3.732 million and had a time stamp at 23 May 8:00 UTC. The transmitter address was rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h, while the receiver address was rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC.
The first transaction of 6.862 million XRP was preceded by another transfer of 6 million XRP, which occurred from an unknown wallet to a Nexo wallet. The unknown wallet’s address was rhCgcS11iumWeutBF4CPEu7G2zTXkh5oUZ, while the Nexo wallet’s address was rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk.
The third significant XRP transaction that occurred in the space of 12 hours included another drop of 10 million XRP. The exact amount of XRP transferred was 10.11 million, moved from Ripple to an unknown wallet. The Ripple address on Bithomp was rhmc2XPEbmCN8MW6dcoMUGBuzzp65uKpEn, while the unknown wallet had an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2.
Ripple and in turn, XRP, was also in the news recently after Ripple partner R3’s Corda released a statement that they were planning to further their partnership with credit union-centric CULedger. The press release from the organization stated,
“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”
Ripple: XRP struggles amid downbeat Thursday crypto market
The third-largest digital currency in the world, XRP, had an encouraging start to yesterday’s session, as its price topped the $0.40 mark in early trading. However, the coin’s spell above $0.40 did not last long. After several hours of struggling to sustain trading at that level, XRP gave in to the pressure and returned to sub-$0.40 levels. The decline accelerated during the afternoon portion of the session, with its price tumbling to an intraday low of $0.373. The digital coin finished the session at $0.376, down from its opening price of $0.397.
XRP has remained on the defensive in today’s trading, mirroring a wide-spread crypto correction. As a result, the coin fell to a six-day low of $0.367 in the morning. The token’s performance has somewhat improved in more recent trading, which has allowed it to retake the $0.37 level.
Meanwhile, XRP has continued to experience strong market activity, although its trading volume has seen a drop from yesterday. According to data from digital currency tracker Coinmarketcap, around $1.9 billion worth of XRP coins have changed hands over the past 24 hours. The coin’s daily trading volume reached just over $2 billion on Wednesday.
XRP’s current struggles appear to be part of a larger downward correction that has affected most digital coins on the market. Earlier this month, XRP benefited from a strong bullish trend that saw many cryptocurrencies rising to new 2019 highs. XRP’s rally peaked at $0.474, which was reached on May 16, the same day that Bitcoin set its current 2019 high of $8,320.82.
In today’s trading, the XRP price stood at $0.373, as of 14:17 BST. The digital coin has lost 4.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.7 billion.