Ripple Retests 50 EMA at $0.6607 – A Symmetrical Triangle in Play!

The XRP/USD coin pair managed to maintain its overnight winning streak and drew some further bids above the $0.639604 level. Whale Alert recently tweeted that Coinbase has transferred $38M worth of 62M XRP. The popular blockchain tracking account, Whale Alert, recently tweeted that the San-Francisco-based crypto exchange, Coinbase, has shifted a large amount of XRP. At the same time, transactions have been implemented between the internal wallets of the crypto trading firm. This turned out to be one of the key factors that helped the Ripple prices to stay bid. The XRP/USD is currently trading at $0.639604, with a 24-hour trading volume of $1,812,089,879. Ripple has risen by 2.15% in the last twenty-four hours.

As we have already mentioned, the popular blockchain tracking account, Whale Alert, has announced on Twitter that Coinbase has shifted a large amount of XRP, amounting to about $38M worth out of 62M XRP. It is worth recalling that the SEC regulatory agency imposed a lawsuit against Ripple in January. Immediately thereafter, Coinbase suspended Ripple trading. This lawsuit is allegedly due to the sale of unregistered securities to institutional investors since 2012, resulting in a profit of over $1.3 billion. So far, Coinbase has not resumed trading XRP, but, formerly, it made large transfers of this crypto, both internally and to outside wallets, on a regular basis. Furthermore, it has also allowed its users to continue storing, depositing and withdrawing Ripple.

On the negative side, the upticks in Ripple were unaffected by the stronger US dollar. On the USD front, the broad-based greenback managed to extend its early morning bullish bias, still flashing green on the day, as investor fears of a slowdown in the global economic recovery from COVID-19 is keeping the market trading sentiment under pressure, which has become a key factor that is helping the safe-haven assets, including the US dollar. The latest outbreaks of COVID-19, including the more virulent Delta variant of the virus, have led to extra restrictive measures in certain countries, including Australia and South Korea. Moving on, the eyes of the investors are now on US inflation, and when the Fed is likely to start tightening its monetary policy, ahead of the release of the US core consumer price index (CPI) for June, which is due on Tuesday. Federal Reserve Chair Jerome Powell is also due to give testimony this week.

XRP/USD – Technical Outlook

The XRP/USD is trading sideways at 0.6343, and facing immediate resistance at 0.6607. The 50 periods EMA is extending resistance at 0.6480. On the 4-hour timeframe, the XRP/USD coin has closed a bearish engulfing candle below the 0.6607 level, demonstrating a selling bias. The MACD and the RSI both support the odds of a bearish bias. Ripple has also formed a symmetrical triangle pattern that suggests a neutral bias among investors. Let’s consider taking a selling bias in Ripple below 0.6607. Good luck!