Tanya Abrosimova
Independent Analyst
- Ripple's recovery is losing traction in lockstep with other cryptos.
- Bears control the market while the price is below $0.60.
Ripple gained over 9% from Friday's low, but the recovery seems to be losing momentum. The price failed to get above $0.51 and now threatens to get back below $0.50 handle amid sliding volatility and diminishing trading volumes.
While XRP enthusiasts tout Ripple Network partnership deals with such tech and payment giants as Apple and Western Union among others, the broader crypto community remains skeptical. Ripple has lost over 76% during three months, which is the second worst result among the most popular coins (the first place goes to Bitcoin Gold with over 82% loss).
Ripple needs some eye-popping event to get out of the descending range, but nothing of the kind is seen coming.
Ripple technical picture
XRP/USD is trading at $0.5011, marginally above the key $0.5000 handle. The price touched $0.5115 during Asian hours before retracing towards current level. From the longer-term point of view, XRP sentiments remain bearish as long as the price stays below $0.60, which is still out of reach. Ripple needs to get above $0.5530 (April 3 high) before we can start considering further recovery towards the said key handle. On the downside, the local support comes at $0.4920 (50-SMA, hourly chart) and at $0.4700, followed by $0.4543 (April 1 low).
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