- XRP recovery failed once again, more downside in store.
- Ripple moves in sync with Bitcoin and other cryptos.
Ripple, the third largest coin by market value, is changing hands at $0.5388, off Monday low at $0.5112. The coin is 3.5% higher on daily basis, but mostly unchanged since the beginning of the day. Ripple's market value is estimated as $21B, with trading volumes $264B, up from Mondays $177M. XRP trading is most active at Bitbank and HitBTC.
Ripple's momentum is currently driven by general cryptocurrency market sentiments. The coin's price moves in lockstep with Bitcoin, which, in turn, is vulnerable to speculations. The longer-term trend is bearish despite some correction attempts, that fail to take the price above critical levels.
Ripple technical picture
XRP/USD is moving within a clear channel limited by 100-SMA at $0.5330 and 200-SMA at $0.5460. a breakout in either direction will serve as a good technical trigger. The key support is created by $0.5100, followed by the recent low at $0.5020. On the upside, the critical resistance comes at $0.5600, which is 78.6% Fibo retracement level.
XRP/USD, the hourly 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 securities. 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 Forex 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.