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Ripple’s XRP Gains Support at $0.8060. Can it Bounce Off? – FX Leaders


  • Ripple’s XRP has finally gained support at the $0.8058 level, and the closing of candles above this level signals an uptrend in XRP/USD.
  • The prediction about Ripple’s crypto XRP that it will fall out of the list of top 10 cryptocurrencies in 2022 negatively impacted XRP prices on Wednesday.
  • The report suggested that Bitcoin will outperform the S&P 500 in 2022. Alternative coins based on the Layer-1 blockchain will continue to surpass ETH.
The XRP/USD closed at $0.81725 after placing a high of $0.86435 and a low of $0.81173. XRP/USD extended its decline and dropped for another session on Wednesday to its lowest since 20 December.

XRP/USD

According to a final report for 2021 issued by a blockchain data research firm Arcane Research, Ripple and Cardano will fall out of the top 10 crypto list in 2022. The firm released a report containing its predictions for crypto markets in 2022.

The report suggested that Bitcoin will outperform the S&P 500 in 2022. Alternative coins based on the Layer-1 blockchain will continue to surpass ETH. The traditional gaming companies will increase the addition of NFTs. Several crypto companies will reach a valuation of $5B, and more companies will go public. Some predictions about the hash rate and Bitcoin ETFs were also made.

The prediction about Ripple’s token XRP that it will fall out of the list of top 10 cryptocurrencies in 2022 negatively impacted XRP prices on Wednesday. The losses in XRP/USD increased after the crypto coin started following the track set by Bitcoin and Ethereum, the two leading cryptocurrencies. The trend set by both leading cryptos weighed on the whole crypto market, which was then followed by coins like XRP as it dropped further on Wednesday.

Meanwhile, the only thing supporting XRP prices was the latest comments from Brad Garlinghouse, CEO of Ripple. He said that it was the strongest year ever despite the ongoing battle with the Securities Exchange Commission. Furthermore, the declining prices of the US dollar on Wednesday also helped XRP/USD keep its losses limited. The US Dollar Index, which measures the greenback’s value against the basket of six major currencies, fell below 96 level and kept the declining prices of XRP/USD limited as both have a negative correlation.

Ripple - XRP/USD Chart

Daily Technical Levels

Support Resistance
0.79787 0.85049
0.77849 0.88373
0.74525 0.90311
Pivot Point: 0.83111

Ripple Technical Outlook – XRP/USD to go for 38.2$ Fibo Correction

Ripple finally has gained support at the $0.8058 level, and the closing of candles above this level signals an uptrend in XRP/USD. On the 4-hour timeframe, Ripple has closed a Doji candle, indicating a weakness in selling bias. Therefore, the odds of a bullish correction remain high, and XRP/USD can complete 23.6% and 38.2% Fibonacci correction until 0.8118 and 0.8637 levels, respectively. A break below the 0.8058 level exposes the coin towards 0.7611 or 0.7194 support levels. Good luck!





Read More : Ripple’s XRP Gains Support at $0.8060. Can it Bounce Off? – FX Leaders

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