Ripple price analysis: XRP/USD consolidates losses under $0.38
|- XRP/USD has been losing ground since Wednesday.
- A move above $0.40 is needed to mitigate bearish pressure.
Ripple's XRP incurred heavy losses late on Wednesday. The third largest cryptocurrency dropped below $0.40 and extended the decline towards $0.3660, where a new buying interest stopped the sell-off. XRP/USD has recovered to $0.3733 by the time ow writing, but the upside momentum remains weak. The coin has lost 6.5% of its value in recent 24 hours and stayed unchanged since the beginning of the day in Asia.
Ripple's technical picture
XRP/USD attempts to settle above $0.40 failed on Wednesday. The coin recovered to $0.4128 only to tumble below $0.40 amid global cryptocurrency sell-off. The first resistance is created by 50.0$ Fibo retracement located on the approach to $0.38. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.40, strengthened by SMA50 (Simple Moving Average) on 4-hour chart and 38.2% Fibo retracement level.
On the downside, the local support is created by Wednesday's intraday low of $0.3660. A sustainable move below this handle will open up the way towards the next bearish aim of $0.3580 (SMA100 4-hour chart), which is closely followed by 61.8% Fibo retracement at $0.3550. The next strong barrier awaits XRP on approach to $0.3460 barrier (DMA200). It is followed by $0.3360 (DMA50) and psychological $0.30.
XRP/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.