XRP price has stalled around 49 cents in the past four weeks, but Cheeku Crypto’s Nick thinks more pain will linger in the near term.
Unless Ripple-backed digital assets reclaim 67 cents as support level, the analyst is convinced of a near future downward spiral.
After recording heightened volatility and short-term uncertainty last week, the XRP price opened the Asian market on Monday with a bullish outlook. According to the latest crypto market data, XRP price was up about 1 percent to trade around $0.497. The Ripple-backed digital asset received a fundamental boost last week after SBI Remit, in close collaboration with Ripple and Tranglo, announced that XRP can now be used to facilitate cross-border remittances to the Philippines, Vietnam, and Indonesia via bank accounts.
As a result, XRP’s traded volume is expected to spike in the subsequent months as more mainstream users board through the new payment corridor. According to market data from Binance-backed Coinmarketcap, XRP’s daily average traded volume was up about 10 percent to nearly $546 million on Monday.
Cheeky Crypto on XRP Price Analysis
According to Cheeky Crypto’s analyst, Nick, XRP price faces short-term uncertainty amid the looming death cross between the daily 50 Moving Average (MA) and the 200 EMA. From an Elliot Wave standpoint, Nick expects a more bearish contraction to retest the support zone between 35 cents and 39 cents. However, the bearish XRP signal could be invalidated if the bulls push beyond 67 cents and reclaim the zone as a support base.
Similar XRP short-term weaknesses have been observed in the weekly time frame. Having closed last week in a Doji candlestick, the analyst highlighted that the XRP price faces more bearish pressure on the weekly time frame.
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