The Ripple price has taken time to consolidate in recent trade on Tuesday, after starting the day down as much as 22%. XRP/USD did print lows around $0.57, before recovering and flirting around key support seen at $0.64.
A continuation of heavy market selling has now prompted consolidation across the board, the next defining direction for Ripple will soon become clearer. The SEC hearing has not been harsh on cryptocurrencies in general, or any plans to implement strict guidelines currently in relation to the trading within the digital currency market.
Ripple price recovered nicely from the $0.5180 swing low against the US dollar. There was a break above yesterday’s highlighted crucial bearish trend line with resistance at $0.6100 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
The pair faced a major barrier on the upside near $0.7250 and is currently moving to higher levels.
More importantly, there was a break above yesterday’s highlighted crucial bearish trend line with resistance at $0.6100 on the hourly chart of the XRP/USD pair. The pair traded above the $0.7000 level. However, the upside move faced a major barrier near $0.7250. The mentioned $0.7250 level was a support earlier, but now the price broke that barrier.
According to today’s pullback, this might mean that ripple could go above the $0.80 levels in a few days. However, this will happen if there are no more regulations and bans.
At the time of writing, XRP is traded around $0.7691, with a +20% on the 24 hours chart, according to coinmarketcap data.
The chart below shows the rough path for XRP. If the price returns to $1.00-$1.40, followed by a drop back to $0.65, it would guarantee that the bear market is done, that the bottom is in and that the price is consolidating.