Ripple price analysis: XRP leads from behind as the crypto market is painted red over
|- Ripple price targets $0.400 but the trend having lost steam at $0.3800, XRP/USD risks dropping down below $0.3500.
- It is likely that XRP/USD will continue to trend downwards amid the bearish market.
The crypto market is red all over following a retracement from the highs that almost touched $0.38 last week. The surge mainly supported by Bitcoin saw the entire market breakout in gains with the market capitalization clocking the levels slightly above $180 billion. The sliding prices across the board have seen a decline in the market value to the current $178 billion.
Meanwhile, Ripple is trading at $0.3529 following a 1.71% loss on the day. The upside is immediately capped at $0.3600. The second resistance level at $0.3700 is a key level in Ripple’s breakout towards $0.4000. However, the buyers must clear the hurdle at $0.3800 first.
On the downside, initial support is observed at $0.35. The rising trendline is also offering support while the 50 SMA is positioned to stop declines towards $0.3400 (next support target). It is likely that XRP/USD will continue to trend downwards. An intervention by the bulls could see a reversal is the price touches the demand zone at $0.33.
XRP/USD 4-hour chart
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