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Experts at fxleaders.com said that Ripple XRP could fall to $0.547.
fxleaders.com experts said that Ripple XRP continues to move in a downtrend on Monday amid the ongoing debacle in the cryptocurrency market, which is scaring off buyers. Despite continued bearishness, XRP remains in the top 10 cryptocurrencies by market cap. However, unlike most of its peers, its recent weak price action is not only the result of general market sentiment, but also due to the uncertainty surrounding its outlook due to the SEC vs. Ripple case.
There was some joy last week after Ripple announced a $200 million share buyback and confirmed plans to take the company public once the lawsuit is over. This indicates strong optimism that the lawsuit will not affect the future prospects of the company, while maintaining investor confidence in the XRP cryptocurrency.
Having shown strong results last year, Ripple plans to diversify its interests this year. In addition to expanding the capabilities of its blockchain, XRP Ledger (XRPL), talks are also underway with its on-demand liquidity (ODL) partners to further improve the network.
In additional news, UAE-based money transfer company Al Fardan Exchange recently announced a partnership with Ripple to use Ripplenet for faster and more efficient cross-border transactions. This is the latest in a long line of partnerships developed in the Middle East for Ripple to enable money transfers.
XRP may also generate some interest after Allbridge added support for the Ripple XRP Ledger last week. This will allow XRP to flow seamlessly across 11 other blockchain ecosystems.
XRP Ripple dropped below the key $0.60 level at the start of the session. Technical analysis of the XRP/USD price chart on H4 shows a strong bearish bias among the moving averages and the leading MACD and momentum technical indicators.
The price of the cryptocurrency is trading below the pivot point at $0.603, although it manages to hold above the immediate support at $0.547. However, everything can go down to this support further than Ripple XRP.
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