Tanya Abrosimova
Independent Analyst
- Ripple’s technical picture has improved due to the steady growth on the weekend.
- XRP/USD needs to stay above $0.42 for the recovery to gain traction.
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4323. It has gained nearly 3% of its value on a daily basis and stayed mostly unchanged since the beginning of Monday trading. The coin touched $0.4426 - the highest level since June,3 - but failed to keep the ground and slipped.
Ripple’s market value has settled at $18.2 billion, while the trading volumes settled at $1.8 billion.
XRP’s technical picture
A sustainable move above $0.4270 (23.6% Fibonacci retracement for the upside from April 25 low) has improved the technical picture and created a positive environment for a continued recovery. However, the price is likely to face a stiff resistance on approach to psychological $0.44, closely followed by Sunday’s high of $0.4426. Once it is cleared, the upside is likely to gain traction with the next focus on $0.4500 and $0.4646, which is the highest level hit on June 3.
On the downside, the initial support comes at the above-mentioned 23.6% Fibo retracement ($0.4270) followed by $0.4160 (SMA50 - Simple Moving Average - on 1-hour interval). The next barrier awaits XRP/USD on approach to $0.4100. It is strengthened by SMA100 4-hour and SMA200 4-hour. A sustainable move below this area will open up the way towards the next bearish aim of $0.4000.
XRP/USD, 4-hour chart
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