Ripple price analysis: XRP/USD stays under pressure after a sharp sell-off on Monday
- 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
Author
Tanya Abrosimova
Independent Analyst
