• XRP/USD has been losing ground since the beginning of the week.
  • A move above $0.40 is needed to mitigate bearish pressure.

Ripple's XRP has lost some ground, extending Monday's decline. The coin dipped below $0.40 handle to trade at $0.3935 at the time ow writing low.  XRP/USD has lost 2% of its value from this time on Monday and nearly 1.5% as compared to the beginning of the Asian session. The third largest coin with the current market value of $16.6 billion has headed to the South as a sustainable move below $0.40  handle bodes ill for the short-term bulls.

Ripple's technical picture

XRP/USD touched $0.4715 during the previous week only to retreat towards $0.39 on Tuesday. The price tested the critical support at $0.38 (SMA50 weekly) on Monday; however, a keen buying interest located around this barrier helped to stop the sell-off and initiated an upside correction. Once this area is cleared, the downside is likely to gain traction, exposing $0.3470 barrier (DMA200). It is followed by $0.3350 (DMA50) and psychological $0.30.

On the upside, we will need to see a strong recovery above psychological $0.40 strengthened by 38.2% Fibo retracement to mitigate the initial bearish pressure and improve the short-term picture. The next resistance comes at $0.4180 (Monday's high) and $0.43 with Sunday's high and 23.6% Fibo retracement located on approach.

XRP/USD, daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls aim for $11,600, but strong resistance restricts movement

BTC/USD has gone up from $11,568.60 to $11,596 as bulls continue to flirt around the $11,600 line. As per the daily confluence detector, there are twBTC/USD has gone up from $11,568.60 to $11,596 as bulls ...

More Bitcoin News

Ripple Technical Analysis: Bullish recovery starts after two bearish days

XRP/USD bulls stage a comeback following two bearish days, taking the price up from $0.2822 to $0.2850. The buyers aim for the $0.29 resistance level as the price keeps trending in a downward ...

More Ripple News

ETH/USD to $1,000 by the end of 2020 – Derivative traders bet on Deribit

Ethereum is trading marginally below the coveted $400 level. This comes after an impressive recovery from support confirmed at $370 on Wednesday. On the upside, Ether recently traded new yearly highs at $415.

More Ethereum News

IOT/USD aims for $0.40 as Chrysalis update gears up to go live next week

IOTA is all set to launch the first phase of its Chrysalis project, the beginning of a series of upgrades leading up to IOTA 1.5. The new upgrade includes several improvements to the network.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP