Technical Analysis for XRPUSD for 10th January 2022
Ripple (XRP) Facing Strong Headwinds below $0.85
Amid the ongoing court case, Digivault—a digital asset provider for a NASDAQ-listed cryptocurrency exchange—has listed XRP. It follows what they said is high demand following their partnership with Asset Reality.
Past Performance of XRP
The Ripple price remains under intense selling pressure at spot rates. Down 45 percent from Q3 2021 peaks, the path of least resistance is southwards. Notably, XRP is still within the January 5 bear candlestick, printing lower lows versus a strong USDT.
Ripple Technical Analysis
At spot rates, XRPUSDT is relatively weak despite market-wide confidence. Crypto assets are bearish even with higher highs printed over the weekend. From the daily chart, Ripple is bearish and the underlying selling momentum is strong. For instance, XRP prices are along the lower BB while trading volumes are decent. Technically, provided XRPUSDT prices are within the January 5 wide-ranging bear bar, aggressive traders may unload the pullbacks below $0.85, targeting $0.70. Further losses below $0.70—last week's low—may fast-track liquidation towards $0.60.
What to Expect of XRP
Confidence abounds due to fundamental factors which can't be discounted. However, in the meantime, XRP sellers have the upper hand. It could turn for the worse if XRP bulls lose $0.70. Then, XRPUSDT would likely quickly dump to $0.60, confirming steep losses traced to early November 2021. On the other hand, a recovery above $0.85 would be relieving, steadying bulls.
Resistance level to watch: $0.85
Support level to watch: $0.70
Disclaimer: Opinions expressed are not investment advice. Do your research.
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