XRP/USD has sunk to depths not seen since January of 2021 as it hovers near the 30 cents ratio in early trading this morning.
In early price action today XRP/USD is below the 30 and a half cents level. A handful of hours ago XRP/USD fell through the 30 cents juncture, but then was able to reverse slightly higher. A parade of optimists is likely not about to suddenly emerge on the streets proclaiming XRP/USD has incredible upside. Ripple like all the other major cryptocurrencies continues to struggle in a violent bearish trend which is showing no remorse.
In yesterday’s trading XRP/USD did flirt with the 29 cents ratio, but did not fall below this juncture. XRP/USD is now looking straight into a price range it last saw sustained price action during January of 2021, and intriguingly this ratio does show some technical support which may be targeted near the 27 cents mark.
Unfortunately technical trading at this point is largely about perception and real market value is likely to test many types of theories regarding where price junctures correlate. In other words, traders will hear plenty of opinions that may not amount to much in reality. The lower depths now being tested by XRP/USD are near prices which in January of 2021 were starting to actually cycle higher and gravitate towards over exuberance when XRP/USD nearly hit the 2.0000 level in the second week of April 2021.
The highs water marks XRP/USD experienced last spring are long gone; the broad cryptocurrency market is now suffering from an extremely strong slump in value. While some speculators may be tempted to look for short term reversals higher, skeptics may rightfully believe the stronger price action and velocity will still develop to the downside. If current conditions prevail in digital assets, the 30 cents level in XRP/USD will prove psychologically important.
Traders looking for a quick target who have the ability to withstand potential strong volatility may want to target 30 cents as a take profit via selling positions. If the 30 cents ratio proves vulnerable the 29 and three/quarters cents level could be the next goal. If XRP/USD breaks below 29 cents today, the next area Ripple may be headed is towards the 27 cents depth.
Traders are advised to be extremely cautious and make sure all their risk management is in place. Entry price orders when igniting positions are urged, to make sure price fills meet expectations. Selling XRP/USD feels like the logical wager in the present circumstances.
Ripple Short-Term Outlook
Current Resistance: 0.31170
Current Support: 0.29950
High Target: 0.33340
Low Target: 0.27350