- 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.