Cryptocurrency

XRP Faces Bearish Pressure amid Laidback Market Mood

Ripple’s XRP trades on a declining trend on early Thursday, losing more than 5%. Most alternative coins have been struggling since the last trading session as the overall cryptocurrency market saw increased bearish sentiments. While writing this content, XRP/USD trades around $0.63 after shading some of its previous gains. Digital coins received shock over the last session due to the Federal Open Market Committee (FOMC) minutes released from the recent policy meeting that increased the dollar’s value. With that, investors avoided riskier virtual currencies even with the efforts of analysts, predicting a market recovery in some months to come.

As the SEC and Ripple case remains without significant moves, XRP has struggled in the $0.60 to $0.70 range. Moreover, the altcoin has had lower highs recently, indicating bearish in control. Such market movements have seen XRP trading sideways. Ripple has received support from its loyal online community regardless of the ongoing lawsuit. For instance, the altcoin enjoyed bullish movements on the announcement that financial institutions around the globe would adopt Ripple’s technology to facilitate money transfers. However, some skeptics suggest that XRP does not have more use cases besides aiding digital cash transfers.

Keep in mind that Ripple’s native coin does not utilize NFT or DeFi protocols. That is unlike most crypto projects. Recently, Matt Hamilton, Ripple’s developer, argued with the critics on Twitter. The official announced that XRP’s technology is far efficient than what the leading cryptocurrency, Bitcoin, has. Matt declared that XRP is a better BTC for effectiveness. The alternative coin has magnified decentralized capabilities to allow P2P payments.

Watch These Vital Levels

On the XRP/USD’s four-hour chart, MACD, the best technical indicator, and moving averages show that bears dominate the market for now. The price hovers around the support level and a few distances from the $0.68 crucial point. If the market witnesses extended selling pressure, XRP might dip lower to the $0.57 support. Also, there is a possibility of a further plunge to $0.46. XRP has to break the crucial point to ensure reversals. With that move, buyers might test the $0.74 resistance level.

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