Ripple (XRP) is heading into a period of high volatility in the market and this is likely to continue this week, especially for the top 10 cryptocurrencies. Elections in the United States is here. Hence outside factors that may impact price action could increase. The cross-border cryptocurrency was saved from a potentially massive plunge to $0.23 while recovery ensued over the weekend. As price gather traction, XRP/USD retreats despite the push higher towards mid $0.24. Ripple recovered nicely to trade at the intraday high of $0.2449 but the upside barrier stays strong. The XRP market cap stands at $10.65 billion, as calculated from a 45.28 billion free float supply. There has been a total of $2.34 billion in trade volume over the past 24 hours. At the time of writing, the cryptocurrency market is mixed as XRP trades beyond the $0.2300 support level. Ripple unlocks 1 bln XRP from escrow and moved 58.6 mln XRP to its internal wallets and BitGo. A total of 800 mln XRP was recovered after the transfer. Likewise, XRP data provider XRPL Monitor has confirmed that Ripple wired 58.6 mln, transferring part of this amount to BitGo.
*The cross-border cryptocurrency was saved from a potentially massive plunge to $0.23 while recovery ensued over the weekend
*As price gather traction, XRP/USD retreats despite the push higher towards mid $0.24
*Ripple unlocks 1 bln XRP from escrow and moved 58.6 mln XRP to its internal wallets and BitGo
Key Levels
Resistance Levels: $0.2600, $0.2500, $0.2400
Support Levels: $0.2300, $0.2201, $0.2120
XRP/USD Daily ChartLast week was a volatile one for cryptocurrency markets, but despite the noise, XRP/USD stays steady in a price range of $0.2600 and $0.2300 on average. XRP price eased slightly from highs of $0.2639 in October, trading lower into November below the MA 50 finishing a torrid month. XRP has started off the trading week with gains but retreats despite the push higher towards mid $0.24.
The Relative Strength Index (RSI) indicator on the daily chart remains below 50 and XRP/USD price lies between MA 50 and MA 200 suggesting that market participants haven’t committed to a decisive rebound yet. On the downside, strong support seems to have formed near $0.23, where MA 200 is located. With a daily close below that level, XRP/USD could extend its decline to $0.22.
XRP/USD 4-Hour ChartRipple XRP is further losing the $0.2357 support level after the cross-border token performed a false upside breakout in the prior day beyond the $0.2400 resistance level. Traders that are bullish towards the XRP/USD pair may look to fade any weakness beneath the $0.2357 level this week in expectation of an eventual upswing beyond the $0.2400 level. To the downside, a breakout to the $0.2300 level could provoke a further plunge towards the $0.2200 area.
If the pair manages to hold above that level, buyers are likely to look to retake control of the price around $0.2400. The XRP/USD pair is only bullish while trading above the $0.2400 level, key resistance is found at the $0.2500 and the $0.2600 levels. If the XRP/USD pair closes beneath the $0.2357, sellers may test the $0.2300 and $0.2200 support levels.
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