Ripple price analysis: XRP/USD stuck in a tight range, $0.4400 is a hard nut to crack
|- XRP needs to clear $0.44 to proceed with the recovery.
- The initial support is seen on approach to $0.4300.
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4350, about 1% higher from this time on Wednesday. The coin hit $0.4627 on June 17, following the news about Ripple’s partnership with MoneyGram, but failed to keep the ground amid technical correction.
Ripple’s market value has settled at $18.4 billion, while the trading volumes settled at $1.1 billion.
XRP’s technical picture
The near-term trend remains bullish as long as the coin stays above $0.4270 (23.6% Fibonacci retracement for the upside from April 25 low). However, the recovery is capped by a psychological $0.44, followed by June 16 high of $0.4426. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.4500 and $0.4627, which is the highest level hit on June 3.
On the downside, the initial support is created by a combination of SMA50 and SMA100 (Simple Moving Average) clustered on approach to $0.4300. A sustainable move below this handle will open up the way towards the next bearish aim of $0.4270 ( the above-mentioned 23.6% Fibo retracement), followed by $0.4160 (SMA200 on 1-hour interval). The next barrier awaits XRP/USD on approach to $0.4100.
XRP/USD, 1-hour chart
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