According to a recent report from Kraken, the XRP/USD pair is facing strong resistance around $0.4900 on the hourly chart. Though the current price of Ripple is trading higher, but still the hurdle seems to very intense. In order to continue the higher trades, it is very important for the XRP/USD pair to surpass the hurdle at $0.4900. But if it fails, then it is expected that the Ripple price may fall once again.
Ripple and a lot of cryptocurrencies aren’t having a good year at all. Despite of all those positive news and innovative implementations, it has lost over 75% in this year. Well, it is just the first quarter of 2018, and Ripple has already traded at $ 0.4496. As compared to Sunday’s trading, the current price has increased a bit, and now is trading at around $ 0.4700.
The price decline from, $ 0.5188 to $ 0.4496, actually broke the support levels at $ 0.5000 and $ 0.5500. After such a hectic price fall, Ripple experienced an upward move recently, but the bearish trend line around $ 0.4900 seems to be a major barrier now. It is predicted that, if the XRP/USD pair trading doesn’t surpass the resistance level at $ 0.4900, then it will trigger the selling pressure and hence there will be another decline in the price as well.
As per the hourly chart reports, the major resistance level of XRP/USD seems to be at $ 0.5000 and the support level is now around $ 0.4500. The Relative strength Index (RSI) indicates that the pair is trading lower towards the 40 level and is simply moving back towards the bearish Zone. The main reason of this continuous price fall is the questions on Volatility. Though banks and financial organizations have already adopted the technology of Ripple system, but still the trading volumes are very low.
Probably, this is the reason, why the investors are not impressed with the stats of Ripple. At present, the only possible way to reduce immediate selling pressure is to take XRP beyond $ 0.5000 on a daily basis.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.