Symmetrical Triangle Pattern in Play!
The XRP/USD crypto pair failed to stop its previous long bearish bias. The XRP/USD pair remained depressed around 1.4500 marks amid a combination of factors. The XRP/USD crypto pair failed to stop its previous losing streak and dropped 10% and consolidating in a range of $1.3549 to $1.7600. The XRP/USD had hit the $1.35795 level. That's the biggest one-day percentage loss since May 10. However, these bearish moves pushed XRP's market cap down to $51.07460B, or 2.14% of the total cryptocurrency market cap. At its peak, XRP's market cap was $83.44071B.
The XRP/USD has seen a decline in value, as it lost 6.94% over the past seven days. The volume of XRP traded in the 24-hours to time of writing was $8.52439B or 3.60% of the total volume of all cryptocurrencies. As of now, the XRP/USD crypto pair is still down 58.72% from its all-time high of $3.29 set on January 4, 2018. Despite the multiple positive updates, the market trading sentiment failed to stop its previous-session bearish moves and remained sour on the day. However, the selling bias was entirely sponsored by the ongoing cautious sentiment ahead of the U.S. Federal Reserve's final decision about the monetary policy. Apart from this, the strained relations between China and Australia further acted as a headwind for the market trading sentiment. Elsewhere, the beating of the technology shares due to the Citibank downgrade put some additional pressure on the market trading sentiment.
As a result, the broad-based U.S. dollar is still flashing green as investors remain in favor of the safe-haven assets in the wake of risk-off market sentiment. However, the gains in the U.S. dollar could be short-lived or temporary as the U.S. Federal Reserve keeps favoring its dovish monetary policy stance. The dovish policy will continue until they see higher inflation and strong employment rates. Moving on, the traders seem cautious to place any strong position ahead of the U.S. inflation data for April, including the core consumer price index (CPI), which is due to release later in the week. Therefore, the upticks in the U.S. dollar were seen as one of the key factors that kept the XRP/USD pair lower.
Behind these bearish moves, the U.S. dollar strength could be considered as one of the key factors. Apart from this, the recent declines in global stocks also played its major role in undermining cryptocurrencies. Dow DJIA, -0.10% dropped 34.94 points, or 0.1%, to close at 34,742.82, after reaching an intraday high at 35,091.56. The S&P 500 SPX, -1.04% fell 44.17 points, or 1%, ending at 4,188.43. The Nasdaq Composite COMP, -2.55% dropped 350.38 points, or 2.6%, to finish at 13,401.86.
XRP/USD Intraday Technical Levels
Pivot Point: 1.4052
XRP/USD - Technical Outlook
The XRP/USD is trading sideways in between a narrow trading range of 1.2008 – 1.6239 level. On the daily timeframe, the XRP/USD pair has formed a symmetrical triangle pattern that keeps the crypto pair in check. The 20 & 50 periods are keeping the pair supported on the 4-hour and daily timeframe. However, the RSI and MACD exhibit a mixed bias, as the RSI value holds above 50 and MACD is below 0. The symmetrical triangle pattern is also an indication of indecision among traders. Ripple's immediate resistance stays at 1.6799 and 1.8396 level while the support holds around 1.3633, and below this, the pair will be exposed towards 1.0285 level. All the best!
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