Ripple Price Skyrockets To $0.75 But Uptrend In Jeopardy As Investors Sell The News
- Ripple price ascended to $0.75 on Wednesday as an On-Demand Liquidity corridor debuted between Japan and the Philippines.
- A correction is underway, with the price sliding back $0.7.
Ripple remarkably broke out mid-week, flying the bullish flag high above the crypto horizon. The news reverberated across the market that the blockchain company would launch a new On-Demand Liquidity (ODL) corridor between Japan and the Philippines. The primary goal is to tap into the nearly $2 billion per year remittance market between these two countries.
The news was a breath of fresh air for XRP as more investors streamed into the market, perhaps to take advantage of a potential rally. As buying pressure behind Ripple surged, the token shot above $0.7 and stretched the bullish leg, brushing shoulders with $0.75.
Ripple Price Corrects As Investors Take Profits
The recent drop to $0.52 could have harmed most investors. However, there was hope that they will resurface from underwater and gasp for air. Intriguingly, technical levels joined hands with the fundamentals, boosting XRP to $0.75.
However, the resistance at the week’s high cut short the uptrend, killing the hope for the international money transfer token trading above $0.8. At the time of writing, Ripple has retreated to $0.7 amid an uptick in overhead pressure. The correction is mainly accentuated by the desire for investors to take profits before rejoining the market.
XRP/USD four-hour chart
The Relative Strength Index (RSI) indicator has also retreated from the overbought area and sharply falls to the midline. This technical tool tracks the trend of an asset and measures its strength. A sharp drop toward the midline and the oversold is indicative of a firmer bearish grip.
More sell orders will also be triggered if Ripple makes a four-hour close under $0.7 and the ascending parallel trend line’s middle boundary. Support is expected at $0.65 and $0.62, respectively. If push comes to shove, the token might explore areas under $0.6 again.
Ripple price intraday levels
Spot rate: $0.69
Trend: Bearish
Volatility: Growing
Support: $0.65 and $0.62
Resistance: $0.75 and $0.8
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
- Crypto Market Retraces as Iran Vows to Escalate Conflict After U.S. Strikes on Kharg Island
- Breaking: Coinbase In Talks With Bybit for Potential Investment
- Pi Coin Price Drops 28% Despite Pi Network v20.2 Node Infrastructure Upgrade
- MSTR, MARA, CRCL, COIN Lead Crypto Stock Rally Despite Weak Bitcoin
- Oil Prices Rise as Trump Fails to Provide Timeline for When Iran War Will End
- Official Trump Price Prediction As TRUMP Token Soars 50% Ahead Mar-a-Lago Invite Buzz for Top Holders
- Solana vs XRP Price Forecast: Can SOL Reclaim Its All-Time High Before XRP Hits $2?
- Top Analyst Predicts Cardano Price Could Surge 100% As Bitcoin Breaks $72k
- What’s Keeping Shiba Inu Below $0.0000065- Analyst Predicts 30% Rise Ahead
- Will BTC Price Rally to $100K by 2026? Kalshi and Polymarket Odds Climb to 51%
- Why Pi Network Price Surged 30% Today?
