Ripple price analysis: XRP/USD dragged down by global crypto sell-off
- XRP/USD is down nearly 7% amid market correction.
- The RSI points to range-bound trading.
XRP/USD is changing hands at $0.3435, down nearly 7% since this time on Thursday. The second largest coin with a market capitalization $14B and an average daily trading volume about $588M is moving in lockstep with other major altcoins, driven by sentiments and technical factors on a low liquidity market.
Meanwhile, Ripple is down over 25% from the recent peak reached at $0.4600. The coin managed to recover from $0.2815 reached on December 14, though further upside looks unlikely at this stage.
Ripple's technical picture
On a daily chart, XRP/USD broke above DMA50 but failed to keep the gains, creating a bearish setup. Now the strong support comes at a psychological $0.3000. Once this barrier is broken, the sell-off may continue towards the recent low $0.2815. On the upside, the ultimate resistance is created by the above-said DMA50, currently at $0.3890. It is followed by $0.4000 and $0.4220 (DMA100). A sustainable movement higher will take us to the recent high at $0.4607.
The RSI on the daily chart stays flat on the neutral territory, which implies that more rangebound trading may be in store.
XRP/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
