Ripple price analysis: XRP/USD hovers around $0.4300 after sharp weekend growth
|- Ripple’s technical picture has improved due to the steady growth on the weekend.
- XRP/USD needs to stay above $0.42 for the recovery to gain traction.
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4323. It has gained nearly 3% of its value on a daily basis and stayed mostly unchanged since the beginning of Monday trading. The coin touched $0.4426 - the highest level since June,3 - but failed to keep the ground and slipped.
Ripple’s market value has settled at $18.2 billion, while the trading volumes settled at $1.8 billion.
XRP’s technical picture
A sustainable move above $0.4270 (23.6% Fibonacci retracement for the upside from April 25 low) has improved the technical picture and created a positive environment for a continued recovery. However, the price is likely to face a stiff resistance on approach to psychological $0.44, closely followed by Sunday’s high of $0.4426. Once it is cleared, the upside is likely to gain traction with the next focus on $0.4500 and $0.4646, which is the highest level hit on June 3.
On the downside, the initial support comes at the above-mentioned 23.6% Fibo retracement ($0.4270) followed by $0.4160 (SMA50 - Simple Moving Average - on 1-hour interval). The next barrier awaits XRP/USD on approach to $0.4100. It is strengthened by SMA100 4-hour and SMA200 4-hour. A sustainable move below this area will open up the way towards the next bearish aim of $0.4000.
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.