Ripple price analysis: XRP/USD struggles below $0.38
|- XRP/USD has been losing ground since failed attempt to recover above $0.40
- The price is supported by 4-hour SMA200 at $0.3630.
Ripple's XRP has recovered from Thursday's low $0.3615 to trade at $0.3746 by the time of writing. Despite the recovery, XRP is still about 1% lower from this time on Thursday and down 1.5% since the beginning of Friday. The third largest cryptocurrency has a market capitalization of $15.8 billion, while an average daily trading volume is registered at 1.5 billion.
Ripple's technical picture
XRP/USD attempted a recovery above psychological $0.40, but the upside momentum proved to be unsustainable. At this stage, this barrier serves as a strong resistance that limits the coin's recovery process. Once it is taken out, the upside is likely to gain traction with the next focus on $0.4270 (23.76% Fibo retracement). This hurdle is closely followed by $0.4290 (May 19 high), and $0.43. Considering the downside-looking RSI (Relative Strength Index) on intraday charts, a sharp move higher is unlikely at this stage.
On the downside, the initial support lies with 4-hour SMA100 (Simple Moving Average) at $0.3630. A sustainable move below this level will open up the way towards the next bearish aim of t $0.3550 (61.8% Fibo retracement). The next strong barrier awaits XRP on approach to $0.3460 barrier (DMA200). It is followed by $0.3375 (DMA50).
XRP/USD, 4-hour chart
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