Ripple price analysis: XRP/USD recovers above $0.4000, further upside is limited
- Ripple’s coin has recovered from the recent low.
- The downside pressure on the coin remains strong as long as it stays under $0.4100.
Ripple’s XRP has reversed the gains of two weeks, crashing from the recent high of $0.5073 (June 22) to as low as $0.3893 on Thursday. Notably, the sharpest movement was registered on Thursday, as the coin lost over 10% of its value in a matter of hours amid massive sell-off on the cryptocurrency market.
A slew of positive fundamental announcements, including the partnership with fintech startup Coinfirm failed to support the coin.
Meanwhile, the news about Bitrue hack attack might have exacerbated the sell-off as the attackers got away with 9.3 million XRP coins.
XRP/USD is changing hands at $0.4011. Looking technically, the initial resistance is created by $0.4100 (SMA50 - Simple Moving Average - on 1-day interval). Once it is cleared, the upside is likely to gain traction with the next focus on $0.42600 (SMA200, 4-hour coupled with 23/6% Fibo retracement).
On the downside, the local support is created by $0.4000. A sustainable move below this handle will open up the way towards the recent low of $0.3893 and psychological $0.3800.
XRP/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
