Ripple price analysis: $0.40 remains unconquered, XRP/USD bulls in retreat
- XRP/USD recovery is losing momentum.
- The nearest resistance is created by $0.40.
XRP/USD is changing hands at $0.3800 after a failed attempt to break above $0.4000 during early Asian hours, The coin has lost nearly 3% of its value since the beginning of the day, though it is still 2% higher from the levels registered this time on Wednesday. XRP is the second largest coin with a total market value over $15.3B and an average daily trading volume $712M.
Ripple's technical picture
From the intraday point of view, XRP/USD is capped by SMA50 (4-hour) at $0.3950. This resistance is followed by psychological $0.40 and $0.4417 (SMA100, 4-hour). Once this area is cleared, a strong resistance created by DMA50 at $0.4600 will come into view.
However, considering that the Relative Strength Index (RSI) is reversing to the South, we are unlikely to see sustainable growth in the nearest future.
On the downside, the support lies with a confluence of technical levels clustered under $0.3800. They include SMA10 (4-hour) and previous month low. Once this barrier is cleared, the sell-off may be extended towards $0.3700 and $0.33 followed by the recent low of $0.3237.
XRP/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
