Tanya Abrosimova
Independent Analyst
- XRP/USD is down 6% on a daily basis, off the recent lows.
- Ripple needs to regain $0.3200 to mitigate bearish pressure.
XRP is dancing around $0.30 handle While the third largest cryptocurrency managed to recover from the recent low of $0.2932, it is still down nearly 6% since this time on Wednesday. Ripple's current market value is registered at $12.6B.
XRP's technical picture
XRP/USD broke below all critical technical levels. At this stage, the coin needs to recover above $0.3051 (Wednesday’s recovery high), to mitigate the immediate bearish pressure and proceed to $0.3100 and $0.3136 (SMA50, 1-hour). Once this barrier is cleared, the recovery may be extended towards 0.3200 with SMA100 (1-hour) on approach with $61.8 Fibo retracement level located at $0.3230.
The intraday Relative Strength Index (RSI) has entered from an oversold area. The indicator points upwards, which might point out to further recovery.
On the downside, a sustainable move under $0.2932 (Wednesday’s low) will attract more sellers to the market. Speculators will rush to adjust their positioning, which will lead to an extended decline towards $0.2869, which is the lowest level since March 26.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.