Ripple price analysis: XRP/USD reverse some gains amid a short-term correction
- XRP/USD is down nearly 4% amid market correction.
- The upside trend may be resumed as long as the price stays above $0.3500.
XRP/USD is changing hands at $0.373, down nearly 4% since this time on Thursday. The second largest coin with a market capitalization $25B and an average daily trading volume about $900M is one of the under-performers in top-20, which is explained mostly by technical factors. This market got used to ignoring fundamentals and focusing on sentiments.
Meanwhile, XRP is still 30% higher than at the start of the week. The coin managed to pass through a set of strong resistance levels and improve its technical setup.
Ripple's technical picture
On a daily chart, XRP/USD is still capped by DMA50 (now at $0.4060). We need to clear this hurdle to proceed to a stronger resistance created by a confluence of DMA100 and DMA200 at $0.4300. This area is reinforced by the sloping trendline.
The RSI on the daily chart stays on the neutral territory, though it has started to revert to the downside, which might signal that some correction is in store for us with big hurdle created by a horizontal support line at $0.3500. A sustained move lower will negate the bullish forecast and push the price lower towards the next aim at $0.3200 and $0.30.
XRP/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
