XRP/USD has suffered a price decline and after slipping again over the weekend, it is testing support levels that are creating speculative opportunities.
XRP/USD is at the lower end of its one-month price range. Having peaked above 91 cents on the 28thand of March, Ripple is now below 74 cents in fairly fast trading. Nervous conditions are boosting the broad cryptocurrency market again and XRP/USD is feeling the heat. Ripple’s current price is touching a price it last experienced on the 15thandThis morning’s price action has not calmed XRP/USD, rather it seems like more fuel has been thrown into the trading sphere.
Traders are advised to compare the prices shown in this report to the actual market. Over the past hour, XRP/USD and other major cryptos have seen their support levels turn shaky. Important values in the lower depths of the mid-term price ranges are tested. If XRP/USD continues to falter and falls below current depths, speculators might believe that the entire bullish parry that started the first week of March is about to end for Ripple.
Ripple is affected by rumblings via its lawsuit in the United States which is still in progress periodically with government regulators. XRP/USD is also affected by mechanisms within its banking business that serve as a way to transfer money internationally.
However, XRP/USD remains a volatile cryptocurrency like any other. Having bottomed around 62 cents on the 24thand of February, the rise created by Ripple which reached late March highs above 91 cents created a significant percentage gain. The problem for traders who remain bullish is that the support levels again act like magnets. Hopes that the long-term downtrend within the vast cryptocurrency market has evaporated are starting to look like wishful thinking, as trading has remained negative for nearly three full weeks.
XRP/USD sellers might make the logical short-term decision. Conservative leverage amounts and stop loss ratios should be considered carefully. If XRP/USD is able to break through the 73 cent support level and see its price maintained below that point, that would be a negative signal. Even if XRP/USD remains below the 74 cent mark, it could add to the jitters and make speculators less optimistic at the start of this trading week. Ratios of 72 to 71 cents may prove weaker for capable targets sooner rather than later.
Ripple short-term outlook
Current resistance: 0.76160
Current support: 0.73250
High target: 0.77630
Low target: 0.71690