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This 33-year-old 'dogecoin billionaire' is being paid in the meme-inspiring cryptocurrency—and he's still buying dips
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
This morning, the price of Ripple (XRP) dropped below $0.8390, which is where it was this time last week. This is a problem for new investors and traders as the rally fades a little by little.
- XRP's price falls below a critical level, and it can't find a place to stop.
- It looks like there will be another round of sanctions soon.
- Expect XRP to fall about 6% today in order to find a level where it can bounce back.
The Relative Strength Index (RSI) shows a bad sign that could mean that the price of XRP will fall by 6% today, which would mean that Ripple price would lose all of its gains from last week. The only thing that could keep the rally going is the monthly pivot point at $0.8075, which is where it's been all month.
XRP's monthly pivot is the only thing that can stop the price from falling 6% in a single day.
XRP price closed above $0.8390 on Sunday, but things fell apart in the ASIA PAC session when bulls couldn't run the price up, let alone see more bulls come in at $0.8390. Because XRP price fell below it, With that drop, bears are getting rid of some bulls because there is no support in the area.
Ripple could be in trouble today because the RSI shows that it's going against the trend. However, even though prices are getting squeezed toward each other, the RSI is sliding toward 50 and looks like it will fall below 50. This shows that bears are taking advantage of the skepticism of last week to squeeze out more bulls. Expect to see bears try to push the price of XRP down to $0.7843, with only the monthly pivot at $0.8075 as a line of defense. With only one real test on the first day, that reputation doesn't look strong enough to hold.
Positive feelings for the week aren't yet set. If the Nasdaq and stocks with it as the lead move up, there could still be a quick turn around. People who are bullish on risk assets would rush to buy them. That would push the price of XRP back above $0.8390 and reach a goal of $0.8791, which would mean a 4% gain for Monday.
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