• XRP/USD recovers from intraday lows to trade above $0.32 
  • Strong resistance seen at $0.34. 

Ripple’s XRP crashed below several support levels and touched $0.3178 low during early Asian hours. At the time of writing, the third largest digital asset with the market value of $13.5 billion is trading at $0.3250, down 6% on a day-on-day basis. XRP/USD is moving in sync with the rest of the market, mired in the bearish correction after a strong growth in the beginning of the month. 

As there are no fundamental drivers that might have served as a catalyst for the recent sell-off, the market is driven by sentiments and technical factors. 

Looking technically, XRP/USD is hovering around 61.8% Fibo retracement for the upside move from March, 26 low at $0.2869. A sustainable move higher will bring $0.33 back into focus, closely followed by a cluster of SMA100 (4-hour) and 50% Fibo retracement for the above said move. Once this barrier is out of the way, the recovery may gain traction and take the price towards $0.34 strengthened with SMA50 (1-hour)  

On the downside, $0.3200 is a strong support created by a confluence of DMA50 and DMA100. If it is broken, the price will retest the intraday low of $0.3178 and proceed to the psychological barrier at $0.30, where a fresh buying interest is likely to appear. 

However, considering the flat Relative Strength Index (RSI) on intraday charts, we may suggest that the coin is prone to rangebound trading at this stage. 

XRP/USD, 1H chart   

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP