Ripple price analysis: XRP/USD gets back above $0.4500, lags behind other altcoins
|- XRP/USD is recovering from recent lows in sync with the market
- The coin needs to regain ground above $0.50.
XRP/USD is back above $0.45 handle after a short-lived collapse to $0.4094 on Tuesday. The second largest cryptocurrency with a market value of $18.3B has gained 2.3% in recent 24 hours and nearly 4% since the beginning of Wednesday, which is not so spectacular if compared to its peers.
Ripple's technical picture
From the short-term point of view, XRP/USD is supported by $0.4300 handle with 23.6% Fibonacci retracement daily and monthly on approach to the psychologically important level. Once it is cleared, the downside may be extended towards the recent low of $0.4094 and $0.40, where a fresh buying interest is likely to appear.
On the upside, XRP needs to regain ground above $0.50 to mitigate immediate bearish pressure. However, the coin needs to overcome $0.4650 (38.2% Fibonacci retracement monthly) and SMA5 daily on approach to $0.48, before it can proceed to the above say critical resistance.
The coin is moving in sync with the rest of the market, driven by sentiments and technical factors. When the dust settles down, traders' attention will switch to fundamental factors, supportive for Ripple's coin in the long-run.
XRP/USD, 1-hour chart
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