Ever since XRP was rejected by the $1 resistance, the price went through a continuous decline which was exacerbated by the market crash on Saturday. The support at $0.89 was turned into resistance during the crash, and the next key support level is found at $0.75.
Despite this painful downtrend, XRP’s price action seems to indicate that the bulk of this correction may approach the end. Particularly because the downwards momentum is losing strength, and each subsequent red daily candle after the crash was smaller. Today’s candle, even if red, could be interpreted as a bullish hammer, which is a reversal signal.
Chart by TradingView
Technical Indicators
Trading Volume: The volume has decreased after Saturday’s crash. This is a bullish sign for a possible reversal.
RSI: The daily RSI is in oversold territory at 25 points. The last time the daily RSI was this low was in March 2020. For this reason, this downtrend may come to an end soon.
MACD: The MACD continues to be bearish, and both the histogram and moving averages made a lower low. It’s important to be patient as XRP needs more time to start a reversal, and probably a bullish divergence on the RSI and MACD histogram will be needed before this materializes.
Chart by TradingView
Bias
The current XRP bias is bearish. The indicators remain negative, but there are some hints that this crash may come to an end.
Short-Term Prediction for XRP Price
The bulls suffered defeat after defeat this past week and were unable to stop XRP from falling below multiple support levels. However, the current support at $0.75 and $0.70 may stop this downtrend and give bulls hope for a reversal.
[PRESS RELEASE – Zug, Switzerland, May 3rd, 2024] Chronicle Protocol is proud to announce the launch of support for zkSync. Scribe, blockchain’s first fully verifiable and cost-efficient Oracle, is live now on zkSync Era. Chronicle Protocol’s integration of zkSync unlocks decentralized, secure, and resilient price feeds for over 100 dApps already in the ecosystem. Chronicle
Bitcoin’s price has been gradually declining over the past several days before finding some support at $94K. While the market has once again found support in a key area, the level could be broken to the downside soon. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset was recently
A new consultation process on blockchain laws is set to begin in Switzerland. Initiated by the country’s Federal Department of Finance, the operation is focused on initiating a blanket ordinance in the local blockchain and distributed ledger technology environment. For Better Laws In Blockchain Industry A number of parties, individuals, and other interested groups are…
A non-fungible token (NFT) collector has narrowly escaped losing his assets to fake Forbes journalists during a supposed Zoom interview. In a tweet, Crumz, the pseudonymous Bored Ape Yacht Club (BAYC) owner, detailed his experience with the scammers and how they attempted to steal their NFTs by requesting a banana during the interview. BAYC User
Nic Puckrin, the co-founder and CEO of crypto information portal Coin Bureau, thinks selling one’s bitcoins (BTC) in May would be more profitable than offloading the assets in September. According to his tweet, the cumulative returns of disposing of one’s cryptocurrencies in May have surpassed selling in September or any other time of the year
TL;DR Ripple’s RLUSD stablecoin is in beta testing, with a launch pending regulatory approval. The team has picked Bitstamp, Bitso, Uphold, and others as exchange partners for the upcoming introduction. RLUSD’s Progress so Far Ripple made the headlines in April this year, announcing plans to introduce a stablecoin pegged 1:1 to the US dollar. In
The issuer of the stablecoin USDC – Circle – announced investing in the Circle Reserve Fund to manage a portion of the USDC reserves. The SEC-registered fund was set up by BlackRock, and its portfolio will consist of cash and US Treasury funds. Circle Reserve Fund The government money market fund was created in partnership…
It’s been another day with blood on the streets in the cryptocurrency market, but also in traditional finance. Bitcoin’s price dipped below $40K, leaving over $295 million worth of liquidations in the past 24 hours alone. Things took a turn for the worst during Monday’s trading session as Bitcoin’s price dipped below $40K for the…
Shortly after dipping below $41,000, bitcoin went on the offensive once again and briefly exceeded $43,000. The altcoins are also in the green today, with ADA nearing $1 and Ethereum touching $3,000. Bitcoin’s 20-Day High CryptoPotato reported yesterday bitcoin’s brief retracement that drove the asset from $42,500 to under $41,000. This came after several relatively…