As technicals combine to produce a huge roadblock, the price of XRP has been locked in a range.
A fresh Death Cross pattern was formed when the 50-day simple moving average (SMA) quickly converged with the 200-day SMA.
The Ripple CTO criticizes Barclays’ decision to prevent consumers from transferring funds to Binance.
The price of XRP has not shown a positive trend for the international settlements token, leaving few options and a lot of worry about the future. For the time being, investors should look for signals regarding Ripple’s intentions as we approach the summer months by focusing on the major support and resistance levels.
All debit and credit card payments from the UK to Binance, the major cryptocurrency exchange, have been banned by Barclays, the UK financial institution. Barclays mentioned the Financial Conduct Authority’s (FCA) recent decision to prohibit Binance from operating in the United Kingdom in its release. Crypto derivatives products, a major source of revenue for Binance, were outlawed as part of the FCA judgment.
In light of the negative ramifications of the FCA announcement, Ripple’s CTO David Schwartz was forced to respond on Twitter to a post from the Barclays UK Help account, highlighting the value of freedom of choice.
One of the defining characteristics of the crypto ecosystem is that it aims to give users more control. It allows them to make decisions about their money without worrying about government and regulatory control, which uses ideas like safety to justify intrusive measures.
The Barclays decision exemplifies governments’ and regulatory agencies’ efforts to avert a loss of control and tracking ability by restricting crypto to the greatest extent possible.
David Schwartz agreed with this assessment, claiming that the financial institution’s decision to accept Binance payments limited customers’ alternatives and freedom of choice.
XRP price completed 2Q up 24 percent, marking one of the stronger quarters in the cryptocurrency complex, after a quarter of big drops and equally amazing comeback. Despite the 45 percent rebound from the June low of $0.512, the successive 30 percent drops in May and June reversed the technical successes on the chart, leaving Ripple in a difficult situation.
The XRP price recovery was short-lived, as the cross-border remittances coin sank into a rising wedge formation that triggered on July 1, rapidly putting the $0.650 support level in play. For the past five days, Ripple has maintained the critical status.
The measured move of the Ripple rising wedge pattern is around 30%, implying that XRP price will drop below the 78.6 percent Fibonacci retracement level at $0.555 and the June 21 low of $0.512 before bottoming around the measured move objective of $0.477. It is a 28 percent decrease from the current pricing.
If selling pressure persists, XRP price has no visible support below the measured move goal, putting bullish Ripple speculators under even more pressure.
12-hour chart of XRP/USD
Ripple requires a daily close above $0.760 to resolve the dominating bearish narrative due to the clarity of the price structure from the June 22 bottom and the indisputable resistance in the region of $0.740-$0.760.
Despite the charts’ bearishness, there is a chance that the price of XRP may fall into a trading range between $0.555 and $0.760, exposing appealing trading conditions for swing and day traders thanks to the strengthened support and resistance levels. Ripple is still dead money for long-term investors under $0.760.
For the time being, the risk is to the downside, and any strong selling in the cryptocurrency complex will send the price of XRP down by 30%.
FXStreet’s analysts assess where Ripple may be headed next, as it appears to be headed for a pullback./n
