Tanya Abrosimova
Independent Analyst
- XRP failed to move above 61.8% Fibo, lost 6% on the day.
- Support at $0.81 limits the decline.
Ripple price spiked above $0.93, but the move proved to be unsustainable as the coin quickly reversed the gains and touched 200-SMA (hourly chart) at $0.81 before the sell-off subsided.
XRP/USD mimics the general cryptocurrency market dynamic, where the large-scale correction has pushed all major coins into the red zone. Ripple has lost over 6% so far, but the bullish trend is alive as long as the coin stays above $0.80.
Meanwhile, Ripple is going to have Snoop Dogg at VIP gathering promoted as “XRP Community Night,” that will take place in NYC on May 15. The American rapper, singer, songwriter will perform at the event, organized by Ripple to celebrate the company's achievements in developing its XRP token the corresponding technology.
From the technical point of view, the coin is sitting within a range limited by 100 and 200-SMA (hourly chart) at $0.88 and $0.81 respectively. The bulls need to clear $0.91 - 61.8% Fibo retracement level of the last decline from $1.200 to $0.4596 for the upside to continue with the next target at Monday's high of $0.9365. On the downside, a sustainable move below $0.81 will increase the immediate selling pressure with the next support at $0.74 (38.2% Fibo).
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