Ripple market update: $0.30 at risk as XRP/USD pressured by sour market sentiments

XRP is glued to $0.30 even as other altcoins are losing ground amid Binance security breach news. While the third largest cryptocurrency managed to recover from the recent low of $0.2964 to trade at $0.2990 by the time of writing. XRP has lost nearly 2% of its value on a day-on-day basis and stayed unchanged since the beginning of the day.  Ripple’s current market value is registered at $12.6 billion, while an average daily trading volume has settled at $1 billion.

XRP’s technical picture

XRP/USD has to stay above $0.30 handle to retain a positive stance. If a move below this support area is confirmed, the sell-off is likely to gain traction with the next focus on a critical barrier at $0.2870 (March 28 low), followed by $0.2815 (the lowest level of December, 15, 2018) That’s where new buyers are likely to appear.

On the upside, the first barrier that separates the coin from an extended recovery, comes at $0.31; however, the key resistance is created by a confluence of 61.8% Fibo and DMA50 at $0.3200. XRP/USD has been trading below DMA50 since the end of April, thus we will need to see a sustainable move higher for the long-term recovery to gain traction.