XRP has been trading on a short-term uptrend

The cryptocurrency is facing pressure at the $0.40 resistance

Watch for the daily candlestick close for confirmation of a bearish move

Ripple (XRP/USD) looked poised for a breakout at $0.40. The cryptocurrency has been trading on a short-term ascending channel, giving hopes that a breakout was on the horizon. Investors have remained hopeful as Ripple’s case with the SEC enters the final stages. With little cryptocurrency news coming up to reassure XRP buyers, the token is developing weaknesses.

Trading at $0.38 as of press time, XRP had slightly broken below the ascending trendline. The daily candlestick needs to close below the trendline to confirm a bearish momentum that could take XRP back to $0.30. Longtime CNBC host JIM Cramer has, however, commented negatively about XRP.

According to Cramer, most cryptocurrencies are still overvalued. Any bullish enthusiast may discredit the views, given that most tokens are trading sharply low from their all-time highs. However, back in June, Cramer predicted further declines in crypto prices amid calls for sustained gains. The CNBC host claims that XRP, Dogecoin, and Cardano could crash to zero.

While comments by Cramer could be a bit harsh, it is also true that crypto markets are yet to become bullish. XRP has been relying on speculations of case settlement. The lack of a positive catalyst has thus been posing a recovery challenge.

XRP/USD Chart by TradingView

From the daily chart outlook, XRP stalled as it hit $0.4. weakness is now developing, with the MACD indicator showing a slowing momentum. Similarly, the RSI has shifted below the midpoint, likely suggesting buyer exhaustion.

If XRP price confirms a break below the short-term descending trendline, the bear pressure will heighten. Bears will want to revisit the support at $0.30 unless positive developments in the SEC case pop up.

On the flip side, bulls may attempt to force bears at the resistance, forcing a candlestick close above the trendline. That could prolong consolidation at the resistance for a potential breakout.

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today Disclaimer

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy XRP with Bitpanda today

The post XRP faces a potential collapse back to $0.30. Here is the price action appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

218 +