BTCUSD surpassed $10,000 recently. This move gave tremendous momentum to other cryptos such as ETHUSD, LTC, XRPUSD, etc. However, an imminent correction in XRP is what is keeping investors and analysts worried.
Today being the last day of the week, institutional investors might indulge in profit-booking and sell-of XRP. The thing that escalates the worry is the technical indicators that hint at a massive correction in the XRPUSD.
Price analysis of XRPUSD and movement
Let us take a look at the daily chart for Ripple first. The traded volumes for XRPUSD are significantly high. However, the trades are associated with the red candles, indicating that the sell-off might have begun. The MACD line is about to have a downward-crossover with the signal line.
The support is at $0.19802, while the resistance lies at $0.22977.
However, if we take a look at the hourly timeframe for XRPUSD, things seem to be worrisome. Here is the hourly-price chart of Ripple. XRP fell more than 3.5% in just six trading sessions.
The RSI and MACD both seem bearish.
Is there a stop to Ripple’s decline
The only way XRPUSD could halt its decline if the bulls take over in anticipation of a good upswing in the near term. The only way that seems possible currently is if the Dow Jones (DJX) index moves actively upwards after opening today.
The upcoming halving in BTC taking place on May 12 has already caused an influx of several new investors. This craze and optimism could actually be beneficial for XRPUSD.
Rising above the $0.21 levels could pave the way for another extraordinary rise of the XRP.
Check XRPUSD Chart on TradingView.
