Ripple price analysis: XRP/USD off recent lows, but further recovery is questionable

  • 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

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