Tanya Abrosimova
Independent Analyst
- 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
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