Solid News

The Pressure on the XRPUSD Remains

12/1/2022 2:45 PM

This week, the XRP/USD pair had ambiguous dynamics: at first the price dropped to the area of 0.3690, then recovered some of the lost positions, rising to the level of 0.4074, but now it is declining again.

Currently, the instrument is under the influence of opposite factors. Thus, the weakening of the US currency contributes to the price increase on the eve of a likely slowdown in December in the pace of interest rate hikes by the US Fed. Earlier, this possibility was confirmed by the head of the American regulator Jerome Powell. Nevertheless, a significant strengthening of the positions of digital assets continues to be hindered by the negative associated with the bankruptcy of the FTX exchange. Additional pressure on XRP is exerted by the decision of Coinbase, the largest cryptocurrency platform in the United States, to discontinue support for XRP, BCH, ETC and XLM tokens by the Coinbase Wallet, which is explained by the low volumes of their use. The management of the platform assured that investors will not lose their funds, but to access them it is necessary to use another electronic wallet and go through the recovery procedure. Some experts have suggested that this decision is due to the possibility of a negative outcome for Ripple in the lawsuit filed by the US Securities and Exchange Commission (SEC) to determine the status of XRP as a security.

Technically, the XRP/USD pair continues to trade within the long-term descending channel. The price has reached its upper limit and is currently trying to resume the decline, but for this it will need to consolidate below the middle line of the Bollinger Bands in the area of 0.3770. In this case, the quotes will be able to fall to the area of 0.3418 (Murray level [-1/8]) and 0.2930 (Murray level [-2/8]). In case of a breakout of the level of 0.4350 (Murray level [1/8], Fibo retracement 23.6%), the price will leave the descending channel and will be able to rise to the levels of 0.4883 (Murray level [2/8]), 0.5219 (Fibo retracement 38.2%).

Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic reverses upwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.4350, 0.4883, 0.5219. | Support levels: 0.3770, 0.3418, 0.2930.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2023