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  • XRP/USD is under bearish pressure amid the sell-off on the market.
  • XRP may lose third place in the cryptocurrency market rating.

Ripple’s XRP took another nosedive to $0.1283 on Monday before recovering to $0.1312 by the time of writing. Ripple’s market value reduced to $6.2 billion, while the average daily trading volume settled at $2.3 billion. The coin has lost over 11% in recent 24 hours and 14% since the beginning of Monday.

Ripple risks losing its third place in the global cryptocurrency rating. If the price continues sliding, it may be ousted by stablecoin Tether, which has seen an increase of total market value above $5.0 billion for the first time on record as wild price gyrations on the cryptocurrency market raise the attractiveness of stablecoins.

According to the head of CIrcle, pandemic will allow stablecoins to strengthen their positions in the cryptocurrency industry. 

#USDC surging in market demand over the past days, reaching new ATH at $568m in circulation.  Fascinating to see “flight to safety” within the crypto macro market, but also demand for high quality USD liquidity for markets.

XRP/USD: Technical picture

The initial resistance is located on the approach to $0.1500. It is reinforced by SMA50 1-hour and the lower line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on the lower line of 1-hour Bollinger Band at $0.1230, which is closely followed by the recent recovery high of $0.1550. 

However, considering the downside-looking RSI on the intraday charts, the bullish scenario looks unlikely at this stage. XRP/USD may continue moving to the South with the next stop at $0.1280 (intraday low). A sustainable move below this area will open up the way to $0.1129, which is the recent low reached on March 13.

XRP/USD 1-hour chart

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