Ripple overview: XRP/USD calms down, enters consolidation phase

XRP/USD stalled at 0.3500.
Further upside may be limited for now.

Tanya Abrosimova Independent Analyst

Ripple’s XRP is hovering at $0.35000, off the intraday high reached at $0.3734. The third largest coin with the current market value of $14.6B is moving in sync with the market. XRP/USD has gained about 6% since this time on Tuesday, though the price has barely changed if compared to the level registered at the beginning of the Asian trading.

Looking technically, has entered a short consolidation phase at current levels. The Relative Strength Index on 1-hour chart returned to the neutral territory, which might signal that the correction phase is drawing to an end. If the price breaks below this barrier, the sell-off may be extended towards $0.3330 (SMA50 1-hour). The next support comes at $0.3220-$3200 (SMA100 1-hour), while an ultimate line in the send for the bears lies with $0.3000.

On the upside, we need to see a strong move above $0.3580-$0.3600 congestion zone for the upside momentum to gain traction and take the coin towards DMA200 and $0.3786 and psychological $0.3800.

From the longer-term point of view, the bulls aim at $0.4000 and $0.4333 created by weekly SMA50.

XRP/USD 1 hour chart

Author

Tanya Abrosimova

Independent Analyst

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