Ripple price analysis: XRP/USD rangebound as recovery impulse fades away
- XRP recovery is capped by $0.5000, which is still out of reach.
- Ripple's community focuses on long-term perspectives.
Ripple, the third largest coin by market value, is sandwiched between 50 and 100-SMA (hourly chart), changing hands at $0.4788 at the time of writing. The price of the coin has barely changed in recent 24 hours as the recovery from Sunday's low at $0.4402 is losing traction. Ripple's market value is estimated as $18B, with trading volumes $231B. XRP trading is most active against BTC, trading at Bitfinex and Bitstamp.
XRP has lost over 76% of its value since the beginning of the year, however, the coin is still 200% higher than 12 months ago, which means that long-term investors are making profits. Apart from that. core XRP community is excited by large-scale business projects of Ripple, the company behind the coin. It tends to pay less attention to day-to-day price fluctuations.
Ripple technical picture
From the technical perspective, XRP/USD stays below $0.50, which is a short-term bearish sign. One the price is above this threshold, the recovery may be extended towards $0.56 (78.6% Fibo). On the downside, a sustainable movement below $0.4500 will lead to a sell-off towards Sunday's low at $0.4402.
XRP/USD, the hourly chart
Author
Tanya Abrosimova
Independent Analyst
