Ripple price will likely remain under pressure in the ensuing sessions as concerns over US regulations persist. Besides, uncertainties over the extent of the Fed’s hawkish tilt continue to weigh on the broader class of cryptocurrencies.
As highlighted by CoinMarketCap, ripple price has dropped by 0.73% over the past 24 hours. The cryptocurrency, which also acts as a digital payment network, is ranked 6th has a market cap of $19.031 billion as at the time of writing.
Talks over the regulation of all cryptocurrencies other than Bitcoin by the Securities Exchange Commission (SEC) has yielded some level of uncertainty among the altcoins. Granted, optimism that Ripple Labs will win the prolonged case against the SEC has offered some support to XRP/USD.
Additionally, concerns regarding the Fed’s monetary policy and overall health of the US economy will likely continue to curb ripple price gains.The latest minutes did not present clear cues on the extent of the Fed’s hawkish tilt.
Ripple price outlook
XRP/USD recovered some of its losses on Monday after retesting last week’s low earlier in the day. Over the past seven sessions, the altcoin has been in the red for four sessions.
Since 23rd January 2023 when ripple price rallied to its highest level in over two months, it has been on a downtrend. As such, the formation of a symmetrical triangle signals that the crypto will remain under pressure in the short term.Besides, it has continued to trade below the 200 and 50-day exponential moving averages as seen on its daily chart.
Furthermore, a look at its 4-hour chart highlights the formation of a death cross late last week. This bearish formation occurs when the medium-term 50-day EMA crosses the long-term 200-day EMA to the downside.
As the new week unfolds, the range between the support level at 0.37034 and the resistance zone of 0.38392 – which is along the 50-day EMA – will be worth watching. For as long as ripple price remains below 0.39134, the bears will be in control. Even so, I expect it to hold steady above 0.36360.