Key Takeaways:
- XRP price movement shows a downward retracement of the higher highs seen over the past few days.
- Ripple is shedding off the recent gains that pushed the cryptocurrency past its yearly high of $0.8206.
- XRP is trading near the $0.60 support level as bears try to gain control of the market.
In the last 24 hours, Ripple price action has seen XRP coin continue trading in an ascending trendline, albeit with a few corrections to the downside. The digital asset is trading at $0.67198 after it dropped from an intraday high of $0.6884.
The correction in XRP has been attributed to market participants cashing out their profits as Ripple secured victory against the SEC in its much-publicized court case. Despite this, analysts remain cautiously bullish about XRP’s prospects.
XRP technical analysis
The XRP/USD pair opened the daily trading session at $0.6760 and, at press time, is trading near the same level with a negative return of 2.28%.XRP price has been dropping continuously since it reached its high of $0.8206 on April 8, primarily due to the selling pressure from big investors and market makers.
The digital asset is trading near a crucial support level of $0.60, which can help provide strong bullish momentum if breached. The overall sentiment in the XRP market remains positive, with analysts expecting more upside in the coming days.
Technical indicators in the 4-hour XRP chart show that the digital asset is beginning to show signs of a potential reversal. The RSI indicator currently trades at 37, showing that bears may lose control with bulls slowly taking charge of the market. Similarly, the MACD has dipped below 0 to indicate bearish momentum in the short term.
Looking ahead on the 4-hour chart, XRP price has formed a bearish flag pattern, indicating that bulls would have to break through the $0.75 resistance before taking back control of the market and pushing prices further upwards. Meanwhile, the EMA50 and the EMA200 lines have crossed over to indicate a possible bearish convergence.
Although analysts remain cautiously optimistic about its prospects, ripple technical analysis shows that XRP is in a short-term correction period. If XRP can break through the $0.75 resistance level, bullish momentum could return, pushing prices back to their previous highs.
Ripple recent news
Ripple has been making waves in the cryptocurrency industry lately through various new initiatives and developments. Most notably, the company recently launched a pilot program with the Pacific island nation of Palau to test using Ripple’s technology to power a new national stablecoin. The move marks the first time a country has explored using Ripple’s blockchain and crypto solutions to support a government-backed digital currency. Ripple touts this as a major milestone in proving its technology’s scalability and real-world utility.
In other news, a recent federal court ruling on the regulatory status of TerraUSD has sparked speculation about potential implications for Ripple’s ongoing legal battle with the SEC. The judge’s opinion that TerraUSD does not qualify as a security has been interpreted by some as a positive sign for Ripple’s efforts to avoid having its XRP token labeled a security. However, legal experts caution that the complex precedents involved mean any resolutions remain uncertain.
Despite its legal issues, Ripple continues pushing partnerships and pilots for its blockchain payment solutions. The company is determined to demonstrate the practical value of its technology to facilitate cross-border transactions and fund transfers. With more banks, financial institutions, and now nation-states conducting pilots, Ripple aims to cement itself as a leader in enterprise blockchain infrastructure.
