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The San Francisco-based cryptography center said it would add XRP to its marketable asset basket to diversify its offerings. The news has created an improvised buying sentiment in the XRP market, given the regulated status of Coinbase Pro in the United States, which has supported member countries of the European Union, Canada, Singapore and Australia. As a result, traders bought $ 1.3 billion worth of XRP chips, which resulted in an increase in market capitalization. The move then adjusted the XRP exchange rate against the dollar, from a Monday low close to $ 0.304 to $ 0.348.
PRICE TABLE 1D RIPPLE (XRP) | SOURCE: BINANCE, TRADINGVIEW.COM
On the other hand, XRP has not managed to keep its pump headed by Coinbase. Influential traders began to drop their long positions near intraday maximum training to $ 0.348, resulting in a loss of about 5.74% on the first wave of correction. The downward trend did not stop there. After a little consolidation, XRP lost another 6.68%, confirming that the market was in a broader downward correction. Let's look at the table below for a better illustration.
Confirmed bear flag (15-minute XRP chart)
RIPPLE (XRP) 15m PRICE CHART | SOURCE: BINANCE, TRADINGVIEW.COM
The consolidation action after the first fall led to the formation of a then unconfirmed bear flag. The flag's top trend line rejected the upside attempts on three separate occasions, indicating the traders' brief feelings. The bulls eventually gave up and the XRP extended its downward correction to $ 0.319. At the time of writing these lines, XRP is once again forming a bear flag, suggesting that another panic attack is on the way.
A bearish wave is imminent as soon as XRP goes below the lower trendline. If this happens, the move would trigger a panic selling action, prompting traders to open new short sale signals below $ 0.324. At the same time, the move of the XRP below its 50-period EMA (indicated by the blue curve) and its 200-period EMA (reported by the red curve) would also strengthen the downward bias in the XRP market.
Bullish scenario (XRP daily chart)
PRICE TABLE 1D RIPPLE (XRP) | SOURCE: BINANCE, TRADINGVIEW.COM
In a broader scenario, the last bullish move brought XRP near its long-term downtrend line. So far, the trend line has limited all attempts to increase the XRP. At the same time, the digital asset has exceeded its EMA by 50 periods, indicating its first pass from bearish to bullish. If XRP manages to stay on top of the daily EMA, it is possible that it passes over the descending giant trendline formation.
The 200-period EMA (represented by the red curve) is an ideal target for escape. If the XRP succeeds, the market could then confirm a real return on investment. Until then, XRP remains in a robust bearish bias despite its wonders from one day.
Click here for a Ripple (XRP) price chart in real time.
Featured image of Shutterstock. TradingView Price Charts.
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