Tanya Abrosimova
Independent Analyst
- XRP needs to clear $0.47 to proceed with the recovery.
- The initial support is seen on approach to $0.4400.
Ripple’s XRP, the third largest coin by market value, is moving within a short-term bearish trend amid technical correction from the recent highs. XRP/USD hit the area above $0.50 during the weekend; however, the coin failed to hold the ground and retreated to $0.4650 by the time of writing. Notably, XRP has lost 4.7% since this time on Sunday, and 2% since the beginning of Monday trading.
Ripple’s market value has settled at $19.4 billion, while the trading volumes settled at $2.1 billion, which is twice as much as usually.
XRP’s technical picture
XRP/USD dropped as low as 40.4460 during early Asian hours; however, the price has recovered above $0.4500 fairly quickly, signaling that the bulls are not ready to give in. At the time of writing, XRP/USD is changing hands at $0.4560 with the initial support created by SMA100 (Simple Moving Average) 1-hour time frame at $0.4530. Once it is cleared, the sell-off will continue with the next focus on is likely to gain traction with the following focus on the recent low and SMA200 (1-hour) at $0.4418.
On the upside, the recovery is capped by a psychological $0.46, followed by the intraday high and SMA50 (1-hour) located on the approach to $0.4700. A sustainable move above this area will open up the way towards Sunday’s high registered at $0.4900. However, considering the downward-looking RSI (the Relative Strength Index), a strong upside movement looks unlikely at this stage.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?