Ripple price analysis: XRP/USD bulls reclaim ground above $0.40
|Ripple's XRP recovered above $0.40 after a sell-off during early Asian hours.
The key support is created by SMA50 weekly at $0.38.
Ripple's XRP regained ground after an early Monday dip to $0.3939 low. At the time of writing, XRP/USD is changing hands at 40.4050, which is 4% higher from this time on Sunday and down 3.2% as compared to the beginning of the Asian session. The third largest coin with the current market value of $17.1 billion retains a bullish stance, moving in sync with the rest of the market.
Ripple's technical picture
XRP/USD jumped as high as $0.4715 during the previous week, though the upside proved to be unsustainable as the coin retreated to $0.36 on Friday amid major sell-off on the market triggered by a combination of technical factors and speculative positioning. However, XRP managed to return to the area above the critical $0.40 handle, which is positive for the coin in the long run.
Meanwhile, the critical support lies with $0.38. this barrier is created by SMA50 weekly. Once it is cleared, the downside is likely to gain traction with the next focus on $0.3475 (DMA200). A sustainable move lower will expose $0.3350 (DMA50) and psychological $0.30.
On the upside, we will need to see a recovery above $0.42 (with intraday low located under this handle) to proceed to $0.4290 (Sunday's high) and to $0.45.
XRP/USD, daily chart
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