XRP/USD Choppy Trading Continues – A Quick Trade Idea

The XRP/USD was closed at $0.65225 after placing a high of $0.69594 and a low of $0.65225. XRP/USD dropped on Monday after following

Written by: Arslan Butt • Tuesday, July 6, 2021 • 2 min read

The XRP/USD closed at $0.65225, after placing a high of $0.69594, and a low of $0.65225. The XRP/USD dropped on Monday, following the crypto market trend set by the leader in the field, Bitcoin. Meanwhile, crypto analyst and influencer Ben Armstrong talked about Ripple, which is the seventh-largest crypto asset by market cap. He said that Ripple was making continuous moves, with the Californian FinTech firm recently having hired Sendi Young to manage its European operations. He added that Young had a five-year tenure at MasterCard, where she held a leading position. He also stated that Ripple had recently invested in Minable, a non-fungible token platform powered by Ethereum.

Armstrong said that the XRP token was going to crush this year, as XRP was providing an incredible opportunity to those who were not opposed to centralized banker coins. He also said that Ripple was ready to invest in order to enter the South American Market if necessary.

Armstrong also said that according to his sources, central banks were getting ready to use XRP once the lawsuit of the US Securities and Exchange Commission against Ripple Labs gets some clear direction. This is because, on March 3, Ripple announced that it was piloting a private version of the open-source, public XRP Ledger, that will allow central banks to create and manage their digital currencies.According to Ripple, almost 80% of central banks worldwide are actively exploring some form of sovereign-backed cryptocurrency, and eventually, there will be a wide range of CBDCs. These comments by Armstrong should have added strength to the XRP/USD, but the crypto moved in the opposite direction, as the market trend was negative.

XRP/USD – Daily Technical Levels

Support Resistance
0.63768 0.68137
0.62312 0.71050
0.59399 0.72506
Pivot Point: 0.66681XRP/USD – Trade Idea

Trading in the XRP/USD pair is choppy at the 0.6768 level, and it is facing immediate resistance at 0.7130, along with a support area of 0.6360. On the lower side, the violation of the support level could extend the selling trend until the next support area of 0.5835. However, the bullish bias in the XRP/USD pair seems dominant, as the MACD and RSI are crossing over the 0 and 50 levels, respectively.Moreover, the 50 periods EMA is supporting the Ripple at 0.6685 today. The coin may also find support in the 0.6668 pivot point area, and above this, the buying trend will dominate. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.