Ripple price analysis: XRP/USD slips under $0.40, range-bound trading prevails
- XRP/USD has barely changed since this time on Tuesday.
- The critical support lies at $0.3500, while the upside is capped by $0.4270.
Ripple's XRP is hovering below $0.40, mostly unchanged both on a day-on-day basis and since the beginning of Wednesday. The total market capitalization of the coin is registered at $16.7 billion, while an average daily trading volume is set at $1.8 billion. XRP's movements are dominated by speculative sentiments and technical developments, as there are no clear fundamental catalysts.
Ripple's technical picture
On the intraday level, the local resistance is created by $0.40 handle. It is strengthened by 38.2% Fibo retracement, the simple moving average (SMA) 50 on 4-hour chart and SMA200 on 1-hour chart. Once it is cleared, the upside is likely to gain traction with the next focus $0.4130 (intraday high) and $0.4270 (23.6% Fibo retracement).
On the downside, a sustainable move below $0.3945 (SMA100 on 1-hour chart) handle will open up the way towards the next bearish aim of $0.3780 (50% Fibo retracement) and $0.3500.
XRP/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
