- 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
BEST BROKERS TO TRADE CRYPTO
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.