Ripple overview: XRP/USD dives below $0.34 amid growing downside momentum
|- XRP/USD stays under pressure amid global crypto sell-off.
- Strong resistance seen at $0.38.
Ripple’s XRP smashed several support levels and collapsed below $0.3400 to trade at $0.3351 at the time of writing. The third largest digital asset with the current market value of $14.1 billion and an average daily trading volume of $1.5 billion has lost 4.6% in recent 24 hours moving in sync with the major altcoins.
The cryptocurrency market got caught in a red wave, though the recent downside movement can still be qualified as a technical correction after a strong growth.
Looking technically, XRP/USD is effectively supported by $0.3340, strengthened by SMA100 (4-hour). Once it is out of the way the sell-off may be extended towards $0.3240 (SMA200, 4-hour) with the critical barrier created by psychological $0.30.
On the upside we will need to see a recovery above $0.3500 and $0.3530 (SMA50, 4-hour, SMA50 4-hour) to improve the immediate technical picture. The next resistance is located on approach to $0.3600. Meanwhile, a sustainable growth above resistance $0.3800 might serve a strong catalyst for an extended recovery.
However, considering the flat Relative Strength Index (RSI) on intraday charts, we may suggest that the coin is prone to rangebound trading at this stage.
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