Tanya Abrosimova
Independent Analyst
- XRP needs to clear $0.48 to proceed to the critical $0.50.
- The critical support is seen on approach to $0.4280.
Ripple’s XRP, the third largest coin by market value, has retreated from the intraday high of $0.4783 to trade at $0.4720 at the time of writing. XRP/USD hit the area above $0.50 during the weekend but failed to hold the ground. XRP/USD has gained about 2% in recent 24 hours amid range-bound trading.
Ripple’s market value has settled at $20.2 billion, while the trading volumes are registered at $2.2 billion, twice as high as an average long-term figure.
XRP’s technical picture
XRP/USD is moving within a tight range, mostly unaffected by Bitcoin’s strong growth. The initial support awaits XRP bears on approach to $0.4550 (the lower boundary of the short-term consolidation channel, SMA200 (Simple Moving Average) on 1-hour chart and SMA50 4-hour chart). A sustainable move below this handle will open up the way towards the next bearish aim of $0.4280. This barrier is strengthened by a confluence of SMA100 4-hour and 23.6% Fibo retracement.
On the upside, we will need to see a strong move above $0.48 to proceed with the recovery. The next upside barrier is created by $0,4900 (June 23 high). Once it is cleared, $0.50 will come into focus.
XRP/USD, 4-hour chart
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