• XRP/USD recovers from intraday lows, upside is limited.
  • Coincheck OTC listing failed to stimulate demand.

Ripple’s XRP crashed below several intraday support levels and touched $0.3136 low during early Asian hours. At the time of writing, the third largest digital asset with the market value of $13.4 billion is trading at $0.3190, down 2.5% on a day-on-day basis. XRP/USD is struggling to return to the area above $0.3200 handle despite bullish short-term trend. Low volatility limits the recovery potential.

What’s going on?

The Japanese cryptocurrency exchange Coincheck added Ethereum (ETH) and Ripple’s XRP to the recently launched over the counter (OTC) trading platform. Typically, OTC platforms are focused on large traders that operate with large amounts and are looking for the ways to reduce transaction costs. As OTC transactions are nor registered in the order book, they do not influence the price fluctuations and allow to avoid  volatility in case of large transactions.

However, the news produced little effect on either ETH or XRP as the market is driven mostly by speculative and findamental factors.Looking technically, XRP/USD dropped61.8% Fibo retracement for the upside move from March, 26 low at $0.2869. This development bodes ill for further growth and implies that the price may resume the downside with the next focus on $0.3136 (intraday low) and $0.3100. A sustainable move below this handle will take us towards the psychological barrier at $0.30, where a fresh buying interest is likely to appear.

On the upside, a move above the said 61.8% Fibo will improve the short-term technical picture and allow for further recovery towards $0.3250 backed by SMA200 (4-hour). The next resistance is created by 50% Fibo retracement at $0.3337, followed by SMA50 and SMA100 (4-hour) around $0.3380.

XRP/USD, 4H chart  


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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone

BTC/USD daily chart has gone up from 8.282.30 to $8,535 as markets opened this Tuesday. The price is currently consolidating in a flag formation, currently prepping itself for a potential breakout. The daily price chart is currently ...

More Bitcoin News

Ripple price analysis: XRP/USD treading in the confines of a rising channel

Ripple bulls have remained defiantly bullish since Monday. Despite the spectacular correction testing and failing to break above $0.30 hurdle, the price has been astonishingly bullish to stay above $0.29. 

More Ripple News

Stellar market overview: XLM/USD shoots up by 4.40% as bulls make merry

XLM/USD has gone up from $.0615 to $0.0642 so far today, rising by 4.40%. Stellar had found support on the upward trending line after falling to $0.0532 back on September 24. After two straight bullish days ...

More Stellar news

Tim Draper: Bitcoin will change how Governments operate

Tim Draper, a popular venture capital investor, stated that he expects Bitcoin (BTC), among other technologies, to change how governments function worldwide. In a recent medium post, Draper calls Bitcoin “the startup currency” ...

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast