Tanya Abrosimova
Independent Analyst
- XRP is capped by $0.5600 on the upside, no signs of upcoming breakthrough.
- The key support is seen at $0.5020.
Ripple, the third largest coin by market value, is changing hands at $0.5360, off Wednesday's low at $0.5229, but still way below critical $0.5600. The coin is 1.3% higher than this time yesterday but mostly unchanged on the day. Ripple's market value is estimated as $21.1B, with trading volumes $218B, down from Wednesday's $270B. XRP trading is most active against BTC, trading at Bitfinex and Bitstamp.
Ripple technical picture
From the technical perspective, XRP/USD is rangebound with $0.5600 (which is 78.6% Fibo retracement level) creating a strong resistance, while the recent low at $0.5020 serves as a floor. A clear breakthrough in either direction will trigger a strong movement with the next strong obstacle located at $0.6470 (61.8% Fibo) followed by $0.6550, which is created by 50-DMA. On the downside, the ultimate bearish target at $0.4500, this is the lowest level of 2018, reached in April.
XRP/USD, the daily chart
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