Ripple price analysis: XRP/USD hovers under $0.40 amid market indecision

  • Ripple's XRP is paralyzed in a narrow range on Wednesday trading.
  • XRP/USD needs to move above $0.40 to improve the technical picture.

Ripple's XRP, the third largest coin by market value, is changing hands at $0.3926, unchanged since the start of the day and on a daily basis.  The coin touched $0.3703 low on June 9 but managed to stage a weak recovery without much follow through. Ripple's market value has settled at $16.7, while the trading volumes settled at $1.2 billion.

XRP's technical picture

XRP/USD attempted to break above $0.40 on Tuesday but quickly returned to the previous range amid low trading activity and the sense of indecision on the market. 

On the intraday charts, the recovery is capped by 38.2% Fibo retracement for the upside move from April 25 low. It coincides with psychological $0.40. Once it is out of the way, the recovery might gain traction with the next target on $0.4180 with SMA100 (Simple Moving Average) 4-hour and 23.6% Fibo retracement located on approach.

On the downside, the local support is created by $0.3900 with the previous day's low marginally above this barrier. A sustainable move below this handle will open up the way towards the next bearish aim of $0.3778 (61.8% Fibo retracement), followed by $0.3700 (Sunday's low).

XRP/USD, 4-hour chart

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