TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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 price analysis: XRP/USD off recent lows, but further recovery is questionable
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Bitcoin hits $85,000 as rally gains momentum, but liquidity risks linger

Bitcoin hits $85,000 as rally gains momentum, but liquidity risks linger

Bitcoin claims the $85,000 level on Monday after gaining 5.64% and closing above the 50-week SMA at $78,200 the previous week. US-listed spot Bitcoin ETFs recorded mild $6.21 million inflows last week, showing resilience despite the CLARITY Act setback and hawkish Fed outlook.

Ripple extends rally toward $1.50 as derivatives activity rises despite ETF outflows

Ripple extends rally toward $1.50 as derivatives activity rises despite ETF outflows

Ripple (XRP) holds a strong bullish picture, rising to trade near $1.50 on Monday. The remittance token marks four consecutive days of gains, supported by robust momentum indicators and increased risk appetite in the broader cryptocurrency market.

Crypto Today: Bitcoin, Ethereum, XRP hold bullish outlook amid improving ETF inflows

Crypto Today: Bitcoin, Ethereum, XRP hold bullish outlook amid improving ETF inflows

Cryptocurrencies are broadly rising on Monday, led by Bitcoin’s (BTC) surge to $85,000. Altcoins are following BTC’s bullish trend, with Ethereum (ETH) trading above $2,700 and Ripple (XRP) holding steady at $1.47.

Pi Network rebound gains steam on broader market recovery

Pi Network rebound gains steam on broader market recovery

Pi Network is up 4% on Monday, advancing its near-term recovery after a 2% rebound the previous day. The broader cryptocurrency market's recovery, with Bitcoin hitting an eight-month high of $85,000, is boosting investors’ risk appetite for high-risk crypto assets like the PI token.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.