Ripple market update: XRP/USD declines five days in a row as the hype is over
- XRP/USD continues the retreat from the recent high.
- The next strong support comes at $0.2600.
Ripple’s XRP topped at $0.3268 on September 18 and has been on retreat ever since. The coin has been sliding down for the fifth day in a row and hit $0.2682 low on Sunday. The coin managed to recover above $0.2700 to trade at $0.2733 by press time; however, the bearish sentiments remain dominant. XRP/USD has lost over 3% of its value in recent 24 hours and 1.2% since the beginning of the day.
What’s going on
Ripple's CEO Brad Garlinghouse is set to speak at Economic Club of New York on October 8 during “breakfast event”. The elite economic forum usually invites high profile speakers both from the US and abroad. Thus, Brad Garlinghouse will have a chance to promote XRP and dispel some rumors and allegations about the company.
XRP’s technical picture
Looking technically, XRP/USD is supported by psychological $0.2700 that coincides with the middle line of one-day Bollinger Band. It is closely followed by the recent low of $0.2682. This area is likely to slow down the sell-off; however, once it is out of the way, the bearish pressure may intensify and push the price towards $0.2660 (SMA200 (Simple Moving Average) four-hour) combined with the upper boundary of the recent consolidation channel. The next support comes at $0.2600.
On the upside, a new attempt at $0.2800 looks unlikely thus far This area is strengthened by SMA50 one hour that has been limiting the recovery since September 21; however, if it is cleared, the upside trend will gain traction with the next focus on $0.2730 (SMA200 one-hour and SMA50 four-hour followed closely by the middle line of four-hour Bollinger Band).
XRP/USD, four-hour chart
Author
Tanya Abrosimova
Independent Analyst
