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XRP/USD closed at $0.79118 after placing a high of $0.93174 and a low of $0.70095. Ripple (XRP) declined over the weekend and reached its lowest level since April 5 amid various negative developments in the cryptocurrency market.
First, the latest announcement from Chinese Vice Premier Liu He and the State Council that tighter crypto regulations were needed to protect the financial system triggered another crypto market crash and weighed on all digital assets. The statement entailed that it was necessary to crack down on Bitcoin mining and trading behavior and resolutely prevent the transmission of individual risks to the social field.
BITCOIN dropped and suffered huge losses and along with ETHEREUM, Dogecoin and Ripple also followed the trend. This news came in a day after the U.S. Treasury Department said that it would require reporting on the crypto transfer of more than $10,000 just as with cash. Before this, the crypto market was also under pressure because of the negative comments from Elon Musk.Back-to-back negative developments in the crypto market added pressure on all digital assets, including Ripple, and dragged its prices below 0.71000. Furthermore, one of the co-founders of fintech firm Ripple, Jed McCaleb, has sold an estimated 265 million XRP this month. This news also added pressure on already declining XRP/USD prices. Meanwhile, Ripple announced that it had appointed former U.S. treasurer Rosie Rios to its board of directors. Rios was the 43rd Treasurer of the U.S. and has served under President Barack Obama.
On the other hand, the advancing U.S. dollar also added pressure on the falling prices of XRP/USD. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose above 90 levels and weighed on the prices over the weekend. The greenback was strong across the board due to better than expected PMI data release on Friday.
XRP/USD Daily Technical Levels
Support Resistance
0.85086 0.98219
0.79659 1.05925
0.71953 1.11352
Pivot Point: 0.92792
XRP/USD trades at 0.8550 level, having bounced off to trade above a support area of 0.6600 level. It’s facing immediate resistance at 0.9567. A double top-level is extending the level, and it previously worked as a support for Ripple. On the 4-hour chart, the formation of three white soldiers supports chances of a bullish trend continuation, and it may lead the pair towards a 0.9567 level. Conversely, the support continues to hold around 0.71953. Good luck, and stay tuned!
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