XRPUSD was one of the most troubled Altcoins since the Dow’s notable fall in April. It has shown glimpses of recovery. However, XRP is still struggling to maintain its current levels.
The periodic bull-run by Ripple, riding on the back of BTC, was pretty short-lived. Investors who thought Ripple would be bullish when BTC rose suffered the most. As Bitcoin prices fell, Ripple declined even more.
Weak technicals continue to linger with XRPUSD in the short term
Source: TradingView.com
Here is the four-hour timeframe for the XRPUSD. The selling pressure still looms large. It is vividly clear that the bears currently dominate Ripple.
The huge spikes in the volume came with a large red candle. And it suggests that even after the much-anticipated halving of Bitcoin, investors continue to be bearish on XRP.
The crucial resistance level is at $0.19802. As of now, Ripple has managed to just cross-over this level. It will be interesting to see if it stays that way.
XRPUSD is at $0.19810 currently.
Can a quick recovery be expected for XRPUSD
Ripple’s recovery would depend on a lot of external factors:
- The world economy is on a see-saw, thanks to the Coronavirus pandemic. Restoring the economy would take a lot of hard work by the Governments and co-operation by the people.
- Stock markets are jittery. Until unless they improve, investors will stay away from riskier assets.
- The Coronavirus pandemic needs to be fought back. The only way to do that would be the development of a vaccine. Though a lot of companies across different countries claim to have got some success, vaccine development would undoubtedly take some time.
- Finally, XRPUSD needs the support of investors to overpower the bears. Improvement in the investor sentiments would help Ripple get back on track.
- An upsurge in BTCUSD will undoubtedly bring back the lost momentum in Ripple.
