India may issue a blanket ban on all cryptos, statements from top officials indicate. However, the government is drafting a new bill that would allow for the private use of cryptos. Just last week, the country introduced a Cryptocurrency and Regulation of Official Digital Currency Bill 2021. The bill spooked investors, as it was identical to the draft of the 2019 bill to ban crypto. The bill wrote that it intended to "create a facilitative framework" for India's official digital currency. To…
The XRP/USD pair price fell from over $0.3200. The decline extended under $0.3000, and it may keep up the downtrend in the near term.
Over the past three to four sessions, the pair has faced increasing bearish pressure below $ 0.3200. As a result, the price is moving below $ 0.3050 and bearing $ 0.3000.
It also closed with support of $ 0.3000 and the 100 hourly SMA. That’s down more than 10 percent to $ 0.2677. The pair recently underwent a slight correction above $ 0.2800.
However, the pair is facing some upside resistance, approaching $ 0.2940 and $ 0.2950.
XRP Price Prediction
An essential watch on the hourly chart of XRP against the US dollar is the formation of two lines connecting the bearish trend with $ 0.2950 and $ 0.3000 resistance.
Therefore, buyers need to gain momentum above the $ 0.2950 and $ 0.3000 resistance barriers to moving prices into the positive zone.
If there is no momentum above $ 0.2950, there is a risk of further downside movement. Initial significant support is near $ 0.2800. A break below $ 0.2800 and $ 0.2780 could force sellers to focus on a fresh weekly low below $ 0.2670.
The ability to lift resistance at the $ 0.2950 and $ 0.3000 resistance levels could lead to a new rally.
The significant primary barrier is near the $ 0.3200 zone and the 100 hourly SMA, above which the price can retest the $ 0.3400 lock zone.