Ripple price analysis: XRP/USD recovers from $0.47, still vulnerable to sell-off

  • Ripple moves away from daily lows, but the overall sentiments remain bearish
  • A daily close above $0.5740 will reduce immediate selling pressure.

Ripple is trying to stage a recovery from the Asian low reached at $0.4705. The price is back above $0.5000, but it is too early to claim bulls' victory as the general cryptocurrency market stays in red, following the news of MailChimp crackdown on crypto-related accounts.

Cryptocurrency market capitalization dipped to $260B, which is the lowest level since November 2017 and three times smaller than at the beginning of the year. While most of the digital coins are still in positive balance within a 12-month timeframe, the crash from recent highs looks worrisome. Ripple lost over 74% of its value in the first quarter and took the title of the worst-performer among top digital currencies. 

Ripple is still the third largest coin by market capitalization, but its value dropped below $20B for the first time since December 2017. This San-Francisco coin is listed on more than 60 exchanges, except popular U.S. exchange Coinbase. The cryptocurrency operator denied the speculations about its plans to add XPR to the list of tradable instruments.

Ripple technical picture

XRP/USD recovered strongly from the Asian lows. The coin is trading at $0.5153 at the time of writing. The short-term selling pressure is fading away as the price managed to settle above $0.5000 handle. The next resistance is created by  $0.5450 (50-SMA, hourly interval) and $0.5660 (100-SMA, hourly interval). The daily close above $0.5740 (Thursday high) is needed to improve the longer-term technical picture.

XRP/USD, the hourly chart

Xrp/usd hourly chart

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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Breaking: Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin (BTC) broke above the local resistance created by $13,250 and hit a new high of 2020 at $13,490. The pioneer digital asset is poised for further growth as the upside momentum gains traction amid little resistance from sellers.

More Bitcoin News

XRP looks poised for a breakout to $0.30

XRP is currently trading at $0.252 after successfully defending a critical support level at $0.247. In the past two weeks, the digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.

More Ripple News

Breaking: JPMorgan's digital currency, JPM Coin, is ready for commercial use

JPMorgan Chase announced that its digital currency, JPM Coin, had been used for commercial purposes this week. A large technology client used it to send cross-border payments.

More Cryptocurrencies News

The network’s utility increases, while TRX prepares for a massive price movement

TRON's weekly report is out and talks about the finalization of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on TVM instructions to stake and unstake.

More Tron News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast