Thursday, June 20, 2024

Ripple’s XRP feels the heat of China’s economic outlook.

XRP, Ripple Lab’s native token, is bullish and seeing red as China’s strict COVID-19 lockdowns bit into the country’s economic outlook. Despite a recovery over the weekend, XRP has been down by 2.30% in the last 24-hours. It is trading at $0.41.

Troubled geopolitical tail risks weigh the crypto market down heavily. Concerns have also been raised about China reporting negative data on retail and industrial production. This has prompted investors to move towards the exit from cryptocurrencies.

As such, XRP is bound to see losses. It expects to see more bearish flow as short-selling will happen around the red descending trend line. XRP enthusiasts say it all comes down to the daily close. They are waiting to see the close either above or below the red descending trend line. Analysts highlighted that the intraday price action will be heavily fought with both the bears and bulls locking horns. There will be whipsawing moves across the trendline throughout the day.

Further downturn for XRP is expected with a test towards the $0.3323 with a much likely slip below $0.30 mark. This is critical for the rest of the trading week. A close above the trend line would push the token to $0.47.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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