Ripple price analysis: XRP/USD consolidates losses under $0.38

  • XRP/USD has been losing ground since Wednesday.
  • A move above $0.40 is needed to mitigate bearish pressure.

Ripple's XRP incurred heavy losses late on Wednesday. The third largest cryptocurrency dropped below $0.40 and extended the decline towards $0.3660, where a new buying interest stopped the sell-off. XRP/USD has recovered to $0.3733 by the time ow writing, but the upside momentum remains weak. The coin has lost 6.5% of its value in recent 24 hours and stayed unchanged since the beginning of the day in Asia.

Ripple's technical picture

XRP/USD attempts to settle above $0.40 failed on Wednesday. The coin recovered to $0.4128 only to tumble below $0.40 amid global cryptocurrency sell-off. The first resistance is created by 50.0$ Fibo retracement located on the approach to $0.38. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.40, strengthened by SMA50 (Simple Moving Average) on 4-hour chart and 38.2% Fibo retracement level.

On the downside, the local support is created by Wednesday's intraday low of $0.3660.  A sustainable move below this handle will open up the way towards the next bearish aim of $0.3580 (SMA100 4-hour chart), which is closely followed by 61.8% Fibo retracement at $0.3550. The next strong barrier awaits XRP on approach to $0.3460 barrier (DMA200). It is followed by $0.3360 (DMA50) and psychological $0.30.

XRP/USD, 4-hour chart

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