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For instance, Bitcoin broke above $10,200, but it’s very likely to expect a correction toward that particular level to confirm whether buyers are stepping in. The situation is similar for XRP, where the $0.22250-0.22500 area is the level to watch for potential support bounces. XRP/BTC pair is lagging a lot.
- Ripple price is holding the key $0.2560 support zone against the US dollar.
- The price is still facing many hurdles near $0.3000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2820 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could accelerate higher once it clears the $0.2820 and $0.2840 resistance levels.
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Ripple price is trading in a positive zone above $0.2560 against the US Dollar. XRP price must settle above $0.2840 to increase the chances of a break above $0.3000.
Ripple Price Analysis
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This past week, ripple price topped near the $0.3288 level against the US Dollar. The XRP/USD pair declined steadily and traded below the $0.3000 support level.
There was also a spike below the main $0.2560 support level and the price settled below 55 simple moving average (4-hours). It traded as low as $0.2408 and recovered quickly above $0.2560. There was a clear break above the 23.6% Fib retracement level of the downward move from the $0.3288 high to $0.2408 low.
However, the price is still facing many hurdles near $0.3000 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.2820 on the 4-hours chart of the XRP/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.3288 high to $0.2408 low. A clear break above the trend line resistance could easily push the price towards the $0.3000 resistance level.
The next key resistance is near the $0.3080 level, above which the price is likely to jump towards the $0.3400 and $0.3500 levels. Conversely, the price could fail to clear $0.2840 and the $0.3000 barrier. An initial support on the downside is near the $0.2620 level.
The main support is still near the $0.2560 level. A daily close below the $0.2560 level could spark a sharp decline towards the $0.2200 and $0.2100 levels.
Ripple Price
Looking at the chart, ripple price is clearly trading below major hurdles near $0.2840 the 55 simple moving average (4-hours). Overall, the price could accelerate higher once it clears the $0.2820 and $0.2840 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.
Key Support Levels – $0.2620, $0.2560 and $0.2550.
Bitcoin Coin
Key Resistance Levels – $0.2840 and $0.3000.
Just a day after rallying nearly 37% on Christmas day, Ripple’s XRP is again showing bearish momentum. At press time, the XRP price is down 10% trading at $0.30 with a market cap of 14 billion. The cryptocurrency is down nearly 20% from its $0.37 peak on December 24.The latest price crash comes after one of the biggest crypto exchanges Bitstamp suspended trading and deposits for U.S. customers of XRP on Friday, December 25. The official announcement from Bitstamp reads:
“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC. We will closely follow the unfolding situation and continue to adapt accordingly”.
This decision comes after the U.S. SEC slapped a $1.3 billion lawsuit on the San Francisco-based blockchain startup. In the last seven days, XRP has corrected more than 50% hitting a low of $0.23.
Ripple Partners Start Taking A Stand
While Ripple has been defending its stand that XRP is a ‘currency’ and not a ‘security’, its partners have also started reconsidering their relations with Ripple. Ripple’s strong partner and Japanese banking giant SBI Holdings has come out in support of the company. The banking giant said that 90% of its customers and 80% of remittance volumes comes outside the jurisdiction of the US.
On the other hand, Ripple’s other partner MoneyGram has been distancing itself from the company. The international payments platform noted that it has never used Ripple’s on-demand liquidity service XRP tokens or RippleNet for that sake to make any cross-border payments.
“MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action,” the statement read.
MoneyGram also added that it hasn’t received any intimidation from Ripple regarding the lawsuit. It added that there’s no negative impact on its commercial agreement with Ripple. However, it will continue to monitor further developments as the lawsuit evolves. The Ripple vs SEC battle has just begun!
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